Tether, the world's largest stablecoin issuer, reportedly paid $6.3 million to Nxum Capital while the firm's co-founder Bo Hines held a White House position, according to reporting from The Wall Street Journal.
Hines served as President Donald Trump's executive director of the President's Council of Advisers on Digital Assets while Tether partnered with Nxum Capital, an investment and consulting firm he started with his father, to develop a "strategic brand and public affairs plan."
The funds were reportedly sent via Bitfinex, a Tether sister fund, to Peter Vincer's firm Notorious, which then forwarded the majority to Nxum. According to blockchain records cited in reporting, Bitfinex transferred $2.49 million on May 11, 2025, with Vincer retaining $498,000 and the remainder directed to Nxum.
A Nxum representative told the Journal 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." However, the report claims Hines exchanged Signal messages with company partners while employed at the White House, sharing details about stablecoin legislation.
Nxum has also received payments from a super PAC chaired by Jesse Spiro, Tether's head of government affairs. The Fellowship PAC raised $11 million, with $10 million from Cantor Fitzgerald and additional funding from Anchor Labs, Inc., an entity associated with Anchorage Digital. The super PAC paid Nxum $11 million, though a $300,000 refund was later issued.
The GENIUS Act was signed into law in July 2025. Tether CEO Paolo Ardoino appeared at the White House to signal support. Hines left his White House position the following month and was subsequently announced as chief executive of Tether-backed stablecoin USAT in September.
