Sen. Blumenthal Seeks Tether Records on Payments to Nxum

Sen. Richard Blumenthal has asked Tether CEO Paolo Ardoino for records related to reported payments from the stablecoin company to Nxum, a firm co-owned by former White House crypto adviser Bo Hines. Blumenthal is the Democratic ranking member of the Senate Permanent Subcommittee on Investigations.

The request puts a reported business relationship under congressional scrutiny. The reports provided do not give the requested records, the exact payment amount, or Tether’s response.

What is Blumenthal asking Tether to provide?

Blumenthal asked Ardoino for records concerning the reported deal between Tether and Nxum. That is a request for information, not a finding that Tether or Nxum broke the law. The available accounts do not spell out the deal’s terms or what work Nxum may have performed.

The connection drawing attention is Hines’s prior role as a White House crypto adviser and his co-ownership of Nxum. The reports describe payments in the millions, but do not provide a specific figure.

Why does scrutiny of this deal matter?

Tether issues USDT, a dollar-linked stablecoin used by people and businesses to move value across crypto markets. Questions about its business relationships can matter beyond the company itself, especially when they touch political figures and government policy.

This inquiry also adds to a broader pattern of Senate scrutiny of Tether. A recent Senate report on USDT and Iran-related transactions examined a different issue: alleged use of the stablecoin in shadow banking and sanctions evasion. Blumenthal’s request about Nxum concerns payments and a former adviser, not the same allegations.

What happens next?

The key developments to watch are whether Tether supplies the requested records, whether Blumenthal makes further details public, and whether the company explains the purpose and terms of its reported payments. Until then, the reports establish that the senator sought information—not that the deal was improper.