Senator Richard Blumenthal has requested documentation from Tether regarding its financial dealings with Nxum, a consulting firm co-founded by former White House official Bo Hines. The inquiry follows reports that Nxum received millions of dollars from Tether while Hines was involved in shaping U.S. stablecoin legislation.
According to an investigation, Nxum earned $6.3 million from a deal initiated in May 2025. Payments were reportedly routed through a marketing firm before being transferred to Nxum. Blumenthal noted that Hines held a one-third stake in the firm during his government service and advocated for policy changes that benefited Tether.
Tether has been given until November 3 to respond to the Senate subcommittee's demands. The company stated that an internal investigation by external counsel found no evidence of wrongdoing. Blumenthal also inquired about a potential deal where Tether would acquire a 25 percent stake in Nxum for $56 million.
This inquiry marks the second time this month that Senator Blumenthal has targeted Tether-related activities. Previously, he requested records from Cantor Fitzgerald, which serves as Tether's reserve custodian. The senator's actions follow broader concerns regarding Tether's compliance and its role in international financial transactions.
