Tether, which has cozied up to president Donald Trump through Secretary of Commerce Howard Lutnick, who previously assisted the stablecoin with acquiring US treasury notes, and its CEO Paolo Ardoino who was invited to the presidential residence at least twice, is now helping to tear down the East Wing of the White House.
Alongside the stablecoin giant, 36 other corporate donors are helping to feed into Trump’s narcissistic tendencies by paying for him to build his overly-extravagant ballroom, including Google, Apple, Microsoft, Coinbase, and Ripple.
Also donating is the former senator and CEO of the Intercontinental Exchange, Kelly Loeffler.
Tether America makes donation, but how?
Despite the fact that Tether America doesn’t have a website, a list of leadership, or any presence online whatsoever, the newly minted Tether sister company is supposedly the one donating to Trump.
It was also previously discussed as a way for Tether to donate to pro-crypto and pro-stablecoin political candidates in the United States.
There’s no record of a tax-exempt organization or registered corporation going by the name “Tether America” or “Tether US,” though Tether has claimed that the company is already open for business in Charlotte, North Carolina.
Bo Hines, the former executive director of the President’s Council of Advisers on Digital Assets for Donald Trump, is set to lead the new entity.
There’s no record of a tax-exempt organization or corporation going by the name “Tether America.”
Read more: Tether’s dreams come true with Donald Trump victory
It’s undeniable that Tether plays a significant role in US treasury note markets. Indeed, according to Tether’s transparency reports and US Major Foreign Holders of Treasury Securities statistics, it now holds about as much US debt as Saudi Arabia or South Korea.
Though Congress recently passed the Genius Act, most of these rules and regulations simply don’t apply to Tether, which is based offshore, is unaudited, and remains in a strange, unregulated limbo.