U.S. Senators investigate Tether's payment of $6.3 million to a company held by a former White House cryptocurrency advisor

U.S. Senator Richard Blumenthal has launched an investigation into the stablecoin issuer Tether's payment of approximately $6.3 million to the consulting firm Nxum. Nxum was co-founded by former White House cryptocurrency advisor Bo Hines, who holds one-third of the company's shares. Blumenthal sent a letter to Tether CEO Paolo Ardoino on October 22, requesting the contracts between the two parties, cryptocurrency payment records, wallet addresses, and communication content.

Tether is accused of paying Nxum $415,000 per month since May 2025 for strategic communications, lobbying, and public relations services. Blumenthal pointed out that Bo Hines held shares in Nxum while serving as the Executive Director of the White House Digital Assets Advisory Committee and coordinated affairs with the company through encrypted communication applications. He also questioned whether Tether transferred cryptocurrency through the marketing company Notorious and then allocated funds to Nxum shareholders. Tether began directly contracting with Nxum after August 2025 and hired Bo Hines to oversee the newly established U.S. operations. Blumenthal has requested Tether, Nxum, and related parties to respond by November 6, noting that the relevant allegations have not yet formed a legal determination, and Tether has not publicly responded.