In an effort to establish itself as a company in the stablecoin space, Tether is tapping Bo Hines, 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 related to stablecoins. According to CNBC, the area
Tether is best known for its USDT Stablecoin, which is pegged to the US dollar and has become the most commonly owned token on cryptocurrency exchanges. It is reported that USAT will be looking to launch a stablecoin that is fully compliant with the recently passed Genius Act, an industry-friendly law that regulates stablecoins.
The company shouldn’t have a hard time keeping Hines at the helm of its operations, considering 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 ingenious act “is about securing America’s financial future,” and said the stablecoin “strengthens the dominance of the U.S. dollar, modernizes our outdated payment rails, and gives Americans faster, cheaper, and more transparent ways to move money.” Which, well, here’s a simple test to see if that’s true: Try getting your parents to set up with Zelle or Venmo, then try setting them up with a crypto wallet and see which one they find easier to use.
In any case, it’s a pretty sweet gig for Hines, who has largely served as a Trump orbiter who just keeps failing. Before stepping down from his role as CEO of the President’s Council of Advisors on Digital Assets, he lost two elections in North Carolina, which were reportedly largely funded by his own trust fund. In August, after a genius move in the finals, Hines left the White House for the private sector, where he apparently knew he had plenty of job offers waiting for him, perhaps because crypto is not shy about not being a Trump administration insider.
It also likely marks the latest in a string of regulatory scrutiny that has repeatedly landed it in hot water in the United States. The company was suspended in 2018 over alleged cash holdings, paid to settle a fraud investigation in 2021 , and was subject to a money laundering investigation in 2024. The company has also come under fire repeatedly for failing to comply with regulatory requirements, maintaining a shockingly small team that seemed incapable of adequately ensuring compliance. But with a Trump ally at the helm of its American operations, it seems likely that any scrutiny will suddenly lighten up.
