Tether wired $6.3M to Bo Hines' shop — then he watered down the stablecoin leash 🐕

Tether directed $6.3 million in payments to Nxum, a consulting firm one-third owned by Bo Hines, while he was serving as executive director of the White House Crypto Council and helping shape federal stablecoin policy, according to a Wall Street Journal investigation published on October 15, 2026. Nxum was co-founded by Hines, his father and a marketing executive, and Hines held a passive stake in the firm, the company said.

Internal messages reviewed by the Journal showed Hines participated in a Signal group chat with his Nxum partners, sharing legislative talking points and updates on the GENIUS Act. His partners, in turn, communicated with Tether's CEO. The WSJ reported that Hines pushed to extend the GENIUS Act compliance window for stablecoin issuers from 18 months to 36 months, a change that would benefit Tether relative to U.S. rivals.

Tether has since named Hines CEO of its new U.S. stablecoin, USAT. Nxum has denied wrongdoing, describing Hines' stake as passive, and Tether has not publicly commented on the payments in detail. The White House Crypto Council was the executive branch body coordinating digital-asset policy during the period covered by the WSJ report.