Before Bo Hines became chief executive officer of Tether-backed stablecoin USAT, he was President Donald Trump’s executive director of the President’s Council of Advisers on Digital Assets.

While he was serving the president and working to advance stablecoin legislation, Tether — the world’s largest stablecoin — was reportedly partnering with Nxum Capital, an investment and consulting firm that Hines started with his father.

According to reporting from The Wall Street Journal (WSJ), “Nxum has earned $6.3 million” from the deal to help create a “strategic brand and public affairs plan” for Tether.

This money was apparently sent via Tether sister fund, Bitfinex, to Notorious, a firm led by Peter Vincer, who then forwarded the lion’s share of the funds to Nxum.

The report claims that Tether sent its first $2.49 million payment from Bitfinex to Vincer on May 11, 2025. Vincer kept $498,000 and sent the rest to a Nxum wallet, where it was split three ways.

On May 11, 2025, 0x77134cbC06cB00b66F4c7e623D5fdBF6777635EC, an address labeled as “Bitfinex: Hot Wallet” on Etherscan, sent $2.49 million in USDT to 0x4b3e4956a5Bf253Cf28f8cf9b9F71BfD100E98Fd across two transactions, with the $1 test transaction actually occurring the day before.

The funds were then, according to WSJ, split three ways. We cannot be absolutely certain these are the same transactions, but they do match the details we know so far.

Vincer apparently told WSJ that he was the intermediary for the deal, and after Hines left the White House, the contract was transferred directly to Nxum.

A Nxum representative told WSJ 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.”

Source link