Stablecoin giant Tether hired former White House Crypto Council Executive Director Bo Hines as its new strategic adviser for digital assets and US strategy, signaling a push to expand in the world’s biggest economy.
Tether, the issuer of the USDt (USDT) stablecoin, appointed Hines to directly engage and coordinate the company’s US strategy and expansion as part of its core focus with immediate effect, according to a Tuesday announcement shared with Cointelegraph.
Hines previously served in President Donald Trump’s administration, where he worked on initiatives to foster digital asset innovation, set guardrails for stablecoin issuers and develop collaboration between government and the blockchain industry.
In his new role, Hines will collaborate with Tether’s leadership team to execute its US market entry and cultivate “constructive relationships” with policymakers and industry stakeholders.
Hines’ “deep understanding of the legislative process, combined with his passion for practical blockchain adoption, makes him an invaluable asset as Tether enters the biggest market in the world,” said Paolo Ardoino, CEO of Tether, adding:
Tether Investments has already reinvested almost $5 billion in the US economy. Hines’ addition aims to “reinforce” this commitment and alignment to the US market, the announcement said.
Tether is planning to enter the US with a new “domestic” dollar-backed stablecoin, which may launch in late 2025 or early 2026, depending on progress with US lawmakers.
In December, Tether announced a $775 million strategic investment with video-sharing platform Rumble, two months after the stablecoin giant invested $100 million in Latin American agricultural giant Adecoagro, marking its first investment in the agriculture and food sector, Cointelegraph reported in September 2024.
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Stablecoins can modernize payments and increase financial inclusion: Bo Hines
“I’m thrilled to join Tether at such a pivotal moment,” to help deliver ecosystem products that will “empower American consumers and help revolutionize our nation’s financial system,” said Hines, adding:
Stablecoins are a significant monetary tool for regions with little traditional banking infrastructure, enabling digital transactions without the need for a bank account, potentially reducing remittance fees by up to 97% for cross-border payments.
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Tether’s appointment comes less than two weeks after Hines stepped down from his former White House role, Cointelegraph reported on Aug. 10.
Under Hines’ leadership, the White House Crypto Council published a comprehensive report proposing a regulatory action plan for digital assets in the US in July, which received criticism for its lack of progress on the strategic Bitcoin (BTC) reserve.
In March, Hines suggested the US government could revalue its gold holdings and convert part of them to Bitcoin to build a national reserve without adding to the federal budget. The proposal aligned with “budget-neutral” strategies outlined in Trump’s executive order.
A month later, Hines said the administration was exploring other “creative ways” to increase its Bitcoin holdings, including using revenue from import tariffs. The executive order also prohibits the government from selling any of its Bitcoin and directs the Treasury and Commerce departments to identify budget-neutral methods to accumulate more.
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Source: https://cointelegraph.com/news/ex-white-house-director-bo-hines-tether-advisor?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
