Tether faces Senate probe over $6.3 million payment to firm co-owned by Bo Hines

Tether , the issuer behind the largest U.S. dollar-pegged stablecoin, is under increasing scrutiny in Washington after reports linked millions of dollars in payments to a consulting firm co-founded by Bo Hines. Hines played a significant role shaping stablecoin legislation while serving in the White House. Senator Richard Blumenthal, Democrat of Connecticut and the top Democrat on the Senate Permanent Subcommittee on Investigations, has demanded that Tether share records concerning its business relationship with Bo Hines and Nxum, the consulting company Hines helped establish. Blumenthal requested the information in a letter to Tether CEO Paolo Ardoino, giving the firm until November 3 to respond. A Wall Street Journal investigation indicated that Nxum earned $6.3 million from a deal Tether executed in May 2025.

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