U.S. Sen. Richard Blumenthal has opened an inquiry into roughly $6.3 million in payments from stablecoin issuer Tether to consulting firm Nxum, according to Odaily, citing Bitcoin.com News. Nxum was co-founded by former White House crypto adviser Bo Hines, who holds a one-third stake in the company. In a letter dated Oct. 22 to Tether CEO Paolo Ardoino, Blumenthal asked for contracts between the two sides, cryptocurrency payment records, wallet addresses, and related communications. The senator said Tether had been paying Nxum $415,000 per month since May 2025 for strategic communications, lobbying, and public relations work. He also raised questions about Hines retaining his equity stake in Nxum while serving as executive director of the White House Digital Asset Advisory Council, and about whether he coordinated with the firm through encrypted messaging apps. Blumenthal further questioned whether Tether routed crypto payments through marketing firm Notorious before funds were distributed to Nxum shareholders. Tether reportedly began contracting directly with Nxum after August 2025 and later hired Hines to lead its newly established U.S. business. Blumenthal asked Tether, Nxum, and related individuals to respond by Nov. 6. No finding of wrongdoing has been made, and Tether has not publicly responded.
U.S. Sen. Richard Blumenthal has opened an inquiry into about $6.3 million in payments from stablecoin issuer Tether to consulting firm Nxum.
Nxum was co-founded by former White House crypto adviser Bo Hines, who holds a one-third stake in the firm. In an Oct. 22 letter to Tether CEO Paolo Ardoino, Blumenthal requested contracts between the parties, cryptocurrency payment records, wallet addresses, and related communications.
Payments to Nxum are at the center of the inquiry
Blumenthal said Tether had been paying Nxum $415,000 per month starting in May 2025 for strategic communications, lobbying, and public relations services.
He also said Bo Hines retained his equity stake in Nxum while serving as executive director of the White House Digital Asset Advisory Council and coordinated matters with the company through encrypted messaging applications.
Questions raised over possible pass-through payments
Blumenthal also questioned whether Tether sent cryptocurrency through marketing firm Notorious before the funds were distributed to Nxum shareholders.
According to the report, Tether began signing directly with Nxum after August 2025 and hired Bo Hines to lead its newly established U.S. business.
Blumenthal asked Tether, Nxum, and related individuals to respond by Nov. 6. The allegations have not resulted in any finding of illegality, and Tether has not publicly responded.
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