Tether Faces US Senate Probe Over $6.3M Deal With Hines' Nxum

US Sen. Richard Blumenthal is asking Tether CEO Paolo Ardoino for records connected to a reported $6.3 million agreement between the stablecoin issuer and Nxum, a marketing company co-founded by Bo Hines. The request follows a Wall Street Journal report about the deal and the companies' lobbying activity concerning stablecoin legislation.

In a Thursday letter, the Connecticut Democrat, who ranks as the Senate Permanent Subcommittee on Investigations' top member, requested contracts, payment records, communications and lobbying documents involving Tether and Nxum. Blumenthal said Hines had not divested his one-third stake in Nxum and had used encrypted messaging applications to coordinate lobbying, advocacy and alleged "browbeating" of lawmakers. He also claimed Tether directly coordinated Nxum's campaign against opponents of the GENIUS Act, including messages in which Ardoino reportedly demanded that Nxum "obliterate" the legislation's detractors.

The senator argued that the arrangement's unusual terms raise ethical and legal concerns. According to Blumenthal, payments to a former White House adviser with substantial influence over legislation central to Tether's business suggested the stablecoin company may have known the arrangement was improper. Hines served as executive director of the President's Council of Advisers on Digital Assets from January to August 2025 before leaving the White House to become Tether's strategic adviser and, later, CEO of Tether US. Another Trump administration crypto adviser, Harry Jung, left his government position in July 2026 and joined Nxum as a managing director the following month.

The inquiry comes amid broader scrutiny of financial ties between the Trump administration and crypto businesses. Trump disclosed earning $1.4 billion from crypto-related investments in 2025, while members of his administration and family have faced criticism over potential conflicts of interest. Cointelegraph contacted Tether for comment on the investigation.