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ZEC $1,095 Tether paid $6.3M to firm co-owned by former White House crypto adviser
Payments to Bo Hines' consulting company occurred while he was advancing stablecoin legislation for the Trump administration.
Key takeaways
- Payment timing. The first $2.49 million transfer occurred on May 11, 2025, while Hines was still working in the Trump administration on stablecoin policy.
- Continued payments. Nxum received additional $2.49 million transfers in December 2025 and April 2026, after Hines had left the White House.
- Total arrangement. The investigation calculated that Nxum earned approximately $6.3 million through a contract worth $415,000 per month.
What happened
A Wall Street Journal investigation revealed that Tether paid approximately $6.3 million to Nxum, a consulting firm co-founded by Bo Hines, starting in May 2025 while Hines was serving in the Trump administration's digital assets council. Hines retained a one-third ownership stake in the firm during his government tenure from January to August 2025.
The first payment of $2.49 million arrived on May 11, 2025, transferred through Bitfinex, the cryptocurrency exchange under Tether's parent company. During this period, Hines was helping advance the GENIUS Act, which established federal rules for stablecoin issuers. Two additional transfers of $2.49 million each followed in December 2025 and April 2026, after Hines had departed the White House in August 2025.
Under the arrangement, Tether agreed to pay $415,000 per month in six-month installments for at least two years, with the contract covering public relations, branding and lobbying activities. Marketing entrepreneur Peter Vincer intermediated the deal, retaining $498,000 from the first payment before forwarding the remainder to Nxum-controlled wallets, where the funds were distributed among the firm's three partners.
Nxum denied that Hines was involved in its dealings with Tether during his government service and maintained he had stepped back from operations while in the White House. Hines left his White House post in August 2025 and subsequently became CEO of Tether's US stablecoin business in September.
First $0.9998Latest $0.9991-0.1% over the period
Points are daily observations, not closing prices.
Why it matters
The financial arrangement raises questions about potential conflicts of interest between Hines' government work on stablecoin legislation and his financial interest in a consulting firm receiving payments from one of the largest stablecoin issuers. The timing of payments, beginning while Hines was actively involved in drafting the GENIUS Act and continuing even after he left government, underscores the scrutiny surrounding the relationship between crypto industry funding and regulatory development.
What is still unclear
- The extent to which Hines discussed the GENIUS Act or other stablecoin policy with his Nxum partners while in government remains contested, with Nxum denying his involvement in its business dealings during this period.
Questions readers ask
How much did Tether pay Nxum?
Tether paid approximately $6.3 million to Nxum through three transfers: $2.49 million on May 11, 2025, and two additional $2.49 million payments in December 2025 and April 2026.
What was Bo Hines' role in the White House?
Hines served as executive director of the White House's digital assets council from January to August 2025, where he worked on the GENIUS Act stablecoin legislation.
Why is this arrangement controversial?
Hines retained a one-third ownership stake in Nxum while serving in government and helping advance stablecoin legislation that would benefit Tether, the company that was simultaneously paying the firm.
When did Hines join Tether?
Hines left the White House in August 2025 and became CEO of Tether's US stablecoin business in September 2025.
