Key Takeaways
- • Tether paid approximately $6.3 million through an arrangement involving Nxum, a consulting firm co-owned by former White House crypto adviser Bo Hines, according to a Wall Street Journal investigation published October 15.
- • The first $2.49 million installment was transferred on May 11, 2025, while Hines was executive director of the White House digital assets council and the GENIUS Act was under negotiation.
- • Hines retained a one-third stake in Nxum; the firm denies he was involved in its Tether dealings during his government service.
- • Hines joined Tether after leaving the White House in August 2025 and was named CEO of USAT, its US-regulated stablecoin, in September 2025.
- • Nxum was also tied to Fellowship PAC, a pro-crypto political action committee chaired by Tether's head of government affairs, which paid Nxum more than $6.5 million.
Summary
According to a Wall Street Journal investigation published October 15, Tether paid approximately $6.3 million through an arrangement with Nxum, a consulting firm co-founded by Bo Hines with his father and another partner. Hines retained a one-third ownership stake in Nxum while serving as executive director of the White House's digital assets council from January to August 2025, a period in which he worked on the GENIUS Act, the federal stablecoin law signed July 18, 2025. The Journal reviewed internal documents, Signal messages and blockchain payment records. Nxum denies that Hines was involved in its dealings with Tether during his government service, saying he stepped away from the firm's operations.
The commercial arrangement began in April 2025, when Hines' father and another Nxum partner met Tether CEO Paolo Ardoino in New York, arranged by marketing entrepreneur Peter Vincer. A proposal covering public relations, branding and lobbying was initially attributed to Nxum, but a revised agreement ran through Vincer's marketing company, Notorious, with the final contract excluding lobbying references. On May 11, 2025, Tether transferred the first $2.49 million installment through Bitfinex. Vincer retained $498,000 and forwarded the rest to a Nxum-linked wallet. Two further $2.49 million transfers reached Nxum wallets in December 2025 and April 2026, after Hines had left the White House. The Journal calculated Nxum's total earnings at approximately $6.3 million. Vincer told the Journal he acted as an intermediary and disputed the amount he received; Nxum rejected his account.
During GENIUS Act negotiations, people familiar with the talks told the Journal that Hines urged lawmakers to double a proposed 18-month compliance period to 36 months, giving foreign stablecoin issuers, including Tether, more time. Critics described a separate foreign-issuer pathway as a concession to Tether, while Nxum argued the timeline reflected multi-stakeholder negotiations and that Tether could advocate for its position without a financial relationship with the firm. In June 2025, Hines shared political talking points through a Signal group involving Nxum partners; Nxum said these concerned publicly available information.
Hines left the White House in August 2025 and was appointed strategic adviser to Tether's US expansion on August 19. In September 2025 he was named CEO of USAT, Tether's planned US-regulated stablecoin, issued by Anchorage Digital Bank with reserves managed by Cantor Fitzgerald. USAT launched in January 2026, and by July 2026 had expanded to Celo, reaching a market capitalization of about $185 million. The Journal also reported that Nxum circulated plans for Tether to acquire a 25% stake for $56 million, and that Nxum helped launch Fellowship PAC in September 2025; the PAC, chaired by Tether's head of government affairs Jesse Spiro, raised at least $11 million from Cantor Fitzgerald and others. Cynthia Brown of CREW said federal officials generally face restrictions on participating in matters affecting their financial interests. The White House said it expects officials to follow federal ethics laws. Tether did not respond to requests for comment.
The commercial arrangement began in April 2025, when Hines' father and another Nxum partner met Tether CEO Paolo Ardoino in New York, arranged by marketing entrepreneur Peter Vincer. A proposal covering public relations, branding and lobbying was initially attributed to Nxum, but a revised agreement ran through Vincer's marketing company, Notorious, with the final contract excluding lobbying references. On May 11, 2025, Tether transferred the first $2.49 million installment through Bitfinex. Vincer retained $498,000 and forwarded the rest to a Nxum-linked wallet. Two further $2.49 million transfers reached Nxum wallets in December 2025 and April 2026, after Hines had left the White House. The Journal calculated Nxum's total earnings at approximately $6.3 million. Vincer told the Journal he acted as an intermediary and disputed the amount he received; Nxum rejected his account.
During GENIUS Act negotiations, people familiar with the talks told the Journal that Hines urged lawmakers to double a proposed 18-month compliance period to 36 months, giving foreign stablecoin issuers, including Tether, more time. Critics described a separate foreign-issuer pathway as a concession to Tether, while Nxum argued the timeline reflected multi-stakeholder negotiations and that Tether could advocate for its position without a financial relationship with the firm. In June 2025, Hines shared political talking points through a Signal group involving Nxum partners; Nxum said these concerned publicly available information.
Hines left the White House in August 2025 and was appointed strategic adviser to Tether's US expansion on August 19. In September 2025 he was named CEO of USAT, Tether's planned US-regulated stablecoin, issued by Anchorage Digital Bank with reserves managed by Cantor Fitzgerald. USAT launched in January 2026, and by July 2026 had expanded to Celo, reaching a market capitalization of about $185 million. The Journal also reported that Nxum circulated plans for Tether to acquire a 25% stake for $56 million, and that Nxum helped launch Fellowship PAC in September 2025; the PAC, chaired by Tether's head of government affairs Jesse Spiro, raised at least $11 million from Cantor Fitzgerald and others. Cynthia Brown of CREW said federal officials generally face restrictions on participating in matters affecting their financial interests. The White House said it expects officials to follow federal ethics laws. Tether did not respond to requests for comment.
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