In an effort to solidify itself as the go-to company in the cryptocurrency space for stablecoins, Tether is tapping Bo Hines, the former Executive Director of Donald Trump’s White House Crypto Council to lead its operations in the United States, including efforts to launch a new stablecoin called USAT that will comply with new, Trump-backed regulations, according to CNBC.
Tether is best known for its USDT stablecoin, which is pegged to the US Dollar and has become the most commonly used token for exchanging cryptocurrencies. USAT will reportedly be its effort to launch a stablecoin that is fully compliant with the recently passed GENIUS Act, an industry-friendly law that regulates the operations of stablecoins.
It shouldn’t be hard for the company to remain in compliance with Hines at the helm of its US operations, given that he was reportedly instrumental in getting the bill across the finish line and signed into law. Earlier this month, Hines said on Twitter that the GENIUS Act “is about securing the future of American finance,” and said stablecoins “strengthen U.S. dollar dominance, modernize our outdated payment rails, and give Americans faster, cheaper, and more transparent ways to move money.” Which, okay, here’s a simple test to find out if that is true: Try to get your parents set up with Zelle or Venmo, then try to get them set up with a crypto wallet and see which one they find easier to use.
Anyway, it’s a pretty sweet gig for Hines, who has mostly served as a Trump orbiter who just keeps failing up. Before landing his role as the Executive Director of the President’s Council of Advisers on Digital Assets, he lost two elections in North Carolina that were reportedly funded primarily by his own trust fund. In August, after getting the GENIUS Act over the finish line, Hines left the White House for the private sector, where he apparently knew he had lots of job offers waiting for him—probably because the crypto space is not shy about sucking up to the Trump administration.
This also probably marks the end of any regulatory scrutiny for Tether, which has repeatedly gotten itself in hot water in the United States. The company got subpoenaed in 2018 as its alleged treasury holdings were disputed, paid to settle a fraud investigation in 2021, and was subject to money laundering investigations in 2024. The company has also repeatedly come under fire for failing to comply with regulatory requirements, maintaining a shockingly small team that seemed incapable of sufficiently ensuring rules were being followed. But with a Trump ally at the helm of its American operations, it seems likely that any scrutiny will suddenly lighten up going forward.
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