Tether transferred approximately $6.3 million to Nxum, a consulting firm co-founded by Bo Hines. The payments were initiated under a deal brokered in May 2025, with initial funds transferred while Hines served as executive director of the White House digital assets council.
Hines held a one-third ownership stake in Nxum during his government tenure, which lasted from January to August 2025. During this period, he actively advocated for the GENIUS Act, federal legislation regulating dollar-pegged stablecoins that was signed into law in July 2025.
Following his departure from the White House in August 2025, Hines joined Tether as a strategic advisor. By September 2025, he was appointed CEO of the company's US operations, tasked with expanding its domestic presence.
The situation has drawn scrutiny regarding a potential conflict of interest, as Hines helped shape the regulatory framework that now governs his current employer. Nxum maintains that Hines was not involved in firm operations while in government.
