Tether Lobbying Scrutinized Ahead of GENIUS Act as $39 Trillion Debt Backstop Role Examined

Tether is facing mounting scrutiny over its lobbying influence on U.S. stablecoin legislation and its controversial role as a backstop for U.S. debt.

Bloomberg published an investigation examining Tether's lobbying efforts ahead of the GENIUS Act stablecoin legislation, adding further reporting to previously documented allegations that Tether shaped the bill's drafting through Commerce Secretary Howard Lutnick and Bo Hines. Separately, reporting examined America's approximately $39 trillion debt situation and framed Tether as an unlikely new backstop, raising questions about the stablecoin issuer's systemic role.