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Lutnick's financial services firm, Cantor Fitzgerald, is discussing receiving support from Tether to help fund the project, which could potentially reach tens of billions of dollars, the report said, citing people familiar with the matter. "Tether Investments is looking to use part of the profits generated in the past years for different opportunities", Tether said in an e-mailed response to Reuters.

Uniswap (CRYPTO: UNI) has risen 12.6% since Friday's market close, Chainlink (CRYPTO: LINK) is up 11.8%, Fantom (CRYPTO: FTM) jumped 39.9%, and Sei (CRYPTO: SEI) is up 33.5%. That medium has been stablecoins for a growing number of transactions with the blockchain being rendered almost a commodity.

Dogecoin (CRYPTO: DOGE) is certainly driving plenty of investor intrigue this weekend, with one of the biggest moves among the top-10 cryptocurrencies in the market. Investors appear to be taking some profits after an incredible surge that saw Dogecoin break through the $0.48 level this weekend. Now, it's worth noting that at this weekend's high, which represented a multi-year high for the meme token, Dogecoin was roughly 50% away from breaking a new all-time high.

This is a 24/7 game, with trading open at all hours -- and some of the biggest moves often take place during Asian trading hours. The idea that money never sleeps is not lost on many traders with short-term positions in many tokens. Stellar (CRYPTO: XLM), Polkadot (CRYPTO: DOT), and NEAR Protocol (CRYPTO: NEAR) have surged 45.9%, 33.2% and 13.7%, respectively, as of 12:30 p.m. ET on Sunday, justifying a deeper look into what's driving these impressive moves.

Bessent has been a major donor to Trump, giving $1 million to the Republican candidate for his 2016 inauguration.

Before becoming Donald Trump’s commerce secretary pick, Lutnick deepened Cantor Fitzgerald’s ties with a stablecoin firm being investigated by U.S. authorities.

Is XRP the next big thing in cryptocurrencies? Find out how it stacks up against market leaders Bitcoin and Ethereum.