Tether funds flowed to Bo Hines's firm during White House stablecoin push, WSJ reports
Millions of dollars from Tether flowed to a consulting firm co-owned by Bo Hines while he helped shape landmark stablecoin legislation in the White House, before the company hired him to lead its U.S. operations.
Tether steered millions of dollars to Nxum, a consulting firm co-owned by former White House official Bo Hines, while he helped draft the GENIUS Act, according to an investigation by The Wall Street Journal. Hines served as executive director of the President's Council of Advisers on Digital Assets while retaining a 33% stake in Nxum, which he co-founded with his father Todd Hines and marketing executive Gary Dennis.[1][3][5][6][8]
Nxum reportedly generated roughly $6.3 million under a strategic brand and public affairs arrangement with Tether. The payments began before the stablecoin legislation was enacted, routed initially through intermediary Peter Vincer's marketing firm Notorious. Blockchain records reviewed by the Journal and reported by Protos show that an initial $2.49 million installment left a Bitfinex hot wallet on May 11, 2025, after which Vincer retained $498,000 and transferred the rest to an Nxum wallet. Following Hines's departure from government, the contract shifted directly to Nxum, with subsequent equal installments arriving in December 2025 and April 2026.[1][2][5][7]
During legislative negotiations, Hines reportedly advocated extending the compliance window in the GENIUS Act from 18 to 36 months, an alteration that provided vital breathing room to Tether over domestic competitors. Signal messages cited by the Journal indicate Hines shared talking points with his Nxum partners in June 2025 while they communicated with Tether CEO Paolo Ardoino. President Donald Trump signed the bill in July 2025, Hines announced his White House departure 22 days later in August, and Tether announced in September that Hines would run its U.S. arm and the Tether-backed stablecoin USAT.[1][4][5][6]
A representative for Nxum stated that Hines recused himself from company business, was unaware of the Tether contract, and held no economic relationship with Tether or received Tether-derived funds while serving in the administration. A White House official told the Journal that Hines is no longer employed there and noted that staff are expected to adhere to federal ethics regulations.[1][5][7]
Key facts
- Nxum, a consulting firm co-founded by Bo Hines, earned about $6.3 million from an arrangement connected to Tether.
- Hines held a one-third stake in Nxum while serving as executive director of the President's Council of Advisers on Digital Assets.
- An initial $2.49 million installment left Bitfinex on May 11, 2025, to marketing middleman Peter Vincer, who took $498,000 and transferred the remainder to an Nxum wallet before the GENIUS Act became law.
- Hines reportedly advocated extending the GENIUS Act's compliance timeline from 18 months to 36 months, which primarily benefited Tether.
- Hines left the White House in August 2025, shortly after the GENIUS Act was signed into law, and joined Tether in September 2025 to lead its U.S. operations.
- Nxum denied that Hines had any economic relationship with Tether or received Tether-derived funds while serving in the White House.
Sources · 8 sources
- PR
ProtosArticle ·
Tether paid Bo Hines’ company while he was at White House, WSJ Before Bo Hines became chief executive officer of Tether-backed stablecoin USAT, he was President Donald Trump’s executive director of the President’s Council of Advisers on Digital Assets. While he was serving the president and working to advance stablecoin legislation, Tether — the world’s largest stablecoin — was reportedly partnering with Nxum Capital, an investment and consulting firm that Hines started with his father. According to reporting from The Wall Street Journal (WSJ), “Nxum has earned $6.3 million” from the deal to help create a “strategic brand and public affairs plan” for Tether. This money was apparently sent via Tether sister fund, Bitfinex, to Notorious, a firm led by Peter Vincer, who then forwarded the lion’s share of the funds to Nxum. The report claims that Tether sent its first $2.49 million payment from Bitfinex to Vincer on May 11, 2025. Vincer kept $498,000 and sent the rest to a Nxum wallet, where it was split three ways. On May 11, 2025, 0x77134cbC06cB00b66F4c7e623D5fdBF6777635EC, an address labeled as “Bitfinex: Hot Wallet” on Etherscan, sent $2.49 million in USDT to 0x4b3e4956a5Bf253Cf28f8cf9b9F71BfD100E98Fd across two transactions, with the $1 test transaction actually occurring the day before. Following this, all but $498,000 was transferred to 0xA6078664175FCfb093989EC778C03FAe58170814. The funds were then, according to WSJ , split three ways. We cannot be absolutely certain these are the same transactions, but they do match the details we know so far. The report claims that Tether sent its first $2.49 million payment from Bitfinex to Vincer on May 11, 2025. Vincer apparently told WSJ that he was the intermediary for the deal, and after Hines left the White House, the contract was transferred directly to Nxum. A Nxum representative told WSJ that Hines “did not receive any Tether-derived funds during that period, and had no economic relationship of any kind with Tether while serving in the White House.” While in the White House, Hines was apparently still exchanging Signal messages with his company partners. He shared details about the Genius Act with Nxum leaders who were working with Tether. Tether’s new USAT stablecoin led by Trump’s former advisor Bo Hines Read more: Tether took over the White House, now it’s tearing it down to build a ballroom Nxum has been involved in politics as well, supporting the Fellowship PAC. This super PAC is chaired by Jesse Spiro, Tether’s head of government affairs. It’s raised $11 million dollars, with $10 million coming from Tether custodian Cantor Fitzgerald, the firm previously led by Commerce Secretary, Howard Lutnick. The remaining funds came from Anchor Labs, Inc., a firm associated with Anchorage Digital, the bank behind USAT. This super PAC has paid out $11 million to Nxum, though there was also a $300,000 refund. The GENIUS Act was eventually signed into law in July 2025, with Tether CEO Paolo Ardoino appearing at the White House to signal his support. The next month Hines announced he was leaving the White House. The month after that, it was announced that Hines would be leading USAT, with Tether referencing his entrepreneurial history as a motivator. Protos reached out to Tether for comment (and attempted to reach out to Nxum, but its previous contact email is now undeliverable), but it did not immediately respond. Got a tip? Send us an email securely via Protos Leaks . For more informed news and investigations, follow us on X , Bluesky , and Google News , or subscribe to our YouTube channel. The post Tether paid Bo Hines’ company while he was at White House, WSJ appeared first on Protos .
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🚨 LATEST: Tether payments to a firm Bo Hines co-owned began while he led the White House crypto council, WSJ reports. The firm reportedly earned $6.3M from the deal. The firm denies Hines knew of the dealings or received Tether funds while in office. https://t.co/bFZIj7Agvl
Open source - TE
Techmeme@TechmemePost on X ·
Sources and docs: while Bo Hines helped craft the crypto-friendly Genius Act, he had a 33% stake in consulting firm Nxum, which received millions from Tether (@skesslr / Wall Street Journal) (Visit Techmeme dot com for the link and full context!)
Open source - LS
Laura Shin@laurashinPost on X ·
The GENIUS Act’s 36-month compliance window, double the 18 months Democrats sought, was reportedly pushed by Bo Hines. Tether, the main beneficiary of the extra time, later named him CEO of its U.S. division. https://t.co/LthKTzyJ2O
Open source - UN
UnchainedArticle ·
Tether Payments Reportedly Traced to Bo Hines’ Firm Through a Marketing Middleman Nxum , a small consulting firm that Bo Hines co-owned while he led the White House’s stablecoin push, has taken in about $6.3 million under a marketing deal with Tether , the Wall Street Journal reported on Oct. 14. The first installment was paid in May 2025, before the GENIUS Act became law. Hines was executive director of the White House’s digital assets council, formally the President’s Council of Advisers on Digital Assets. He also held a one-third stake in Nxum , a firm he started with his father, Todd Hines, and marketing executive Gary Dennis. According to the Journal, his ethics disclosures show he kept that stake after stepping back from running the company in early 2025. Tether later hired him to lead its new U.S. division. The Journal said its account rests on messages, internal documents and payment records it reviewed. Unchained has not independently verified those records. Tether did not immediately respond to a request for comment from Unchained. Unchained could not reach Nxum or Hines for comment. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . How the Money Moved The Journal said it traced the money through blockchain records. Nxum did not sign with Tether directly; the contract went to Notorious, a marketing firm run by Peter Vincer, at $415,000 a month , billed six months at a time over at least two years. Tether’s first installment, $2.49 million , left Bitfinex, an exchange under the same parent company, on May 11, 2025. Vincer held back $498,000 and forwarded the remainder to an Nxum wallet. After Hines left government, the contract moved to Nxum, and installments of the same size landed in its wallets in December 2025 and April 2026. The Journal reported, citing people involved in the negotiations, that Hines pressed lawmakers to lengthen the law’s compliance window to 36 months from 18. Tether needed more time than its U.S. competitors to comply and was the main beneficiary of the longer period, according to the report. Hines passed talking points to his Nxum partners in June 2025 while they were in contact with Tether CEO Paolo Ardoino, the Journal reported, citing Signal messages. On Aug. 9, 2025, 22 days after Trump signed the GENIUS Act, Hines said he was leaving the White House. He joined Tether in September. Denials and Responses A Nxum representative reportedly told the Journal that Hines was unaware of and uninvolved in the firm’s Tether business while in the White House, and that he “did not receive any Tether-derived funds during that period, and had no economic relationship of any kind with Tether while serving in the White House.” The representative reportedly added that “it was not necessary for Tether to enter into any payment arrangements, as it could (and did) simply use the weight of its market position to advocate for an extension of the compliance period.” Tether reportedly did not respond to the Journal’s requests for comment. A White House official reportedly told the paper that Hines no longer works there and that staff are expected to follow federal ethics rules. The Nxum-linked Fellowship PAC, which is chaired by Tether government affairs head Jesse Spiro, paid Nxum Group $6.55 million across five disbursements between January and April 2026, mostly for issue advocacy advertising, the Journal reported, citing Federal Election Commission records. Tether is already under scrutiny in Washington. Last month, Sen. Richard Blumenthal urged Treasury and the Justice Department to investigate the company after Democratic staff of the Senate Permanent Subcommittee on Investigations released a report on Iran’s use of USDT. Related Listen: Weekly Recap: Tether Eyes U.S. Stablecoin, Wall Street Embraces Tokenization The post Tether Payments Reportedly Traced to Bo Hines’ Firm Through a Marketing Middleman appeared first on Unchained .
Open source - TW
The Wall Street Journal@WSJPost on X ·
Money from Tether flowed to Nxum while Bo Hines worked in the White House on landmark stablecoin legislation. Once the law passed, Tether hired him as its U.S. chief. https://t.co/l2AxftVSXW
Open source - CB
Coin Bureau@coinbureauPost on X ·
🇺🇸 EXPOSÉ: Tether paid MILLIONS to a company Bo Hines co-owned while he led the White House Crypto Council, then hired him as its U.S. chief after he left, WSJ reports. Nxum has reportedly earned $6.3 MILLION from Tether's arrangement, with payments beginning while Hines worked in the White House and retained a one-third stake. WSJ says Hines shared legislative talking points with his business partners over Signal and pushed to extend the landmark crypto bill's compliance window from 18 to 36 months, a change that particularly benefited Tether. A later investor pitch says Tether would buy 25% of Nxum for another $56 MILLION. Nxum denies Hines knew about its Tether dealings or received Tether-derived funds while in office, saying he recused himself from company business.
Open source - TB
The Block@TheBlockCoPost on X ·
NEW: Tether steered "millions of dollars" to a business Bo Hines co-owned while he was working at the White House to push the Genius Act, The Wall Street Journal reported. Following his departure from the administration, Tether hired Hines to lead its US operations. https://t.co/WY4UNmAPOI
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