Did stablecoin-backed Treasurys custodian Cantor Fitzgerald buy tariff refunds for 20 cents on the dollar?

When Customs launched the CAPE refund portal, it put administrative certainty behind an asset class that Wall Street had already begun pricing. As of Apr. 9, 56,497 importers had registered for electronic refunds totaling $127 billion, out of roughly $166 billion the government expects to be returned after the Supreme Court ruled in February that IEEPA did not authorize President Donald Trump’s tariffs. CBP says vali…