US Commerce Secretary's Family Assets Double After Indirect Tether Stake Gain

Howard Ructnik, the US Commerce Secretary, saw his family's net worth more than double to an estimated $7.3 billion after joining the Trump administration, according to Forbes. The increase is attributed to a significant rise in the value of their indirect stake in Tether (USDT), the world's largest stablecoin issuer. Prior to his appointment as Commerce Secretary, Ructnik held a 55% stake in Cantor Fitzgerald, which owns shares in Tether. Forbes estimated the value of Ructnik's Cantor Fitzgerald holdings at around $5.4 billion, up from $1.7 billion in early 2025—a more than threefold increase. Ructnik stepped down as CEO of Cantor Fitzgerald upon joining the Trump administration, transferring the stake to a trust for his children, with his eldest son Brandon now managing it.