Key Takeaways
- • Senator Richard Blumenthal is investigating payments Tether made to Nxum, a consulting firm co-founded by Bo Hines, a former White House crypto adviser who now leads Tether's U.S. operations.
- • The probe centers on potential ethical and legal issues because the payments were made while Hines was shaping crypto policy in the White House.
- • Blumenthal has sent letters demanding details of the business arrangements, amid broader scrutiny of Tether's activities.
- • The investigation could intensify if Democrats regain Senate control, with crypto oversight a key focus of Blumenthal's subcommittee.
- • USDT traded at Rp17,998 on Pluang as of Oct. 23, 2026, up 0.09% over one day, with buy orders at 51% versus sell orders at 49%.
Summary
Senator Richard Blumenthal is probing payments made by Tether, the issuer of the USDT stablecoin, to Nxum, a consulting firm co-founded by Bo Hines. Hines, a former White House crypto adviser, now leads Tether's U.S. operations. According to the primary report, the probe focuses on potential ethical and legal issues because the payments were made while Hines was shaping crypto policy in the White House.
Blumenthal has sent letters demanding details about these business arrangements. The inquiry comes amid broader scrutiny of Tether's activities. The report notes the investigation could intensify if Democrats regain control of the Senate, with crypto oversight a key focus of Blumenthal's subcommittee.
Market data from Pluang show USDT with a market capitalization of Rp3.303,46 trillion and a 24-hour trading volume of Rp1.224,91 trillion as of Oct. 23, 2026, 06:03 WIB. The stablecoin's price was Rp17.998, with a 0.09% one-day gain. Buy orders slightly outnumbered sell orders, at 51% to 49%, and the typical hold time on the platform was 91 days. The activity suggests steady trading despite the investigation news.
Separate on-chain flows reported in related coverage show large USDT transfers to Tether Treasury in the days around the story, including a $113 million transfer from Bitfinex on Oct. 21 and a roughly $499.8 million transfer from Binance on the same date. These movements are reported as flow data and do not bear directly on the Senate inquiry.
Blumenthal has sent letters demanding details about these business arrangements. The inquiry comes amid broader scrutiny of Tether's activities. The report notes the investigation could intensify if Democrats regain control of the Senate, with crypto oversight a key focus of Blumenthal's subcommittee.
Market data from Pluang show USDT with a market capitalization of Rp3.303,46 trillion and a 24-hour trading volume of Rp1.224,91 trillion as of Oct. 23, 2026, 06:03 WIB. The stablecoin's price was Rp17.998, with a 0.09% one-day gain. Buy orders slightly outnumbered sell orders, at 51% to 49%, and the typical hold time on the platform was 91 days. The activity suggests steady trading despite the investigation news.
Separate on-chain flows reported in related coverage show large USDT transfers to Tether Treasury in the days around the story, including a $113 million transfer from Bitfinex on Oct. 21 and a roughly $499.8 million transfer from Binance on the same date. These movements are reported as flow data and do not bear directly on the Senate inquiry.
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