The Fellowship PAC, a recently formed super PAC tied to Tether, has disclosed its first expenditure ahead of the 2026 US congressional midterm elections. The PAC spent $300,000 on advertising for Georgia Republican Clay Fuller through Nxum Group, a firm co-founded by Bo Hines, now the chief executive of Tether US, and his father Todd Hines. The move has raised questions about potential self-dealing, as Hines is also a former advisor to President Donald Trump.

According to Michael Beckel, an expert at Issue One, a political reform organization, there is no blanket prohibition on self-dealing in political committees, but services must be provided at fair market value. The Fellowship PAC's advertising effort on behalf of Fuller is its first notable action, and the PAC has not yet demonstrated a significant stockpile of contributions to support other candidates. The PAC's current accounts show no balance, despite an announcement last year that it would be established with pledges of $100 million.

An outside spokesperson for Tether stated that Tether International has no affiliation or oversight over the Fellowship PAC, but the PAC's ties to Tether US remain unclear. The Fellowship PAC's chairman, Jesse Spiro, is also the vice president of regulatory affairs for Tether's US arm, further fueling speculation about the PAC's connections to Tether. The PAC has begun endorsing Republican politicians seeking House and Senate seats, as well as a candidate for governor in South Carolina, and claims to be backing advocates of emerging digital assets technology. The PAC's first recipient of financial support, Fuller, is an incoming Republican member of the House of Representatives who has not publicly broadcast a position on crypto.

The money spent by the Fellowship super PAC was an independent expenditure, meaning it had to be handled without strategizing with Fuller's campaign. The firm paid by the Fellowship PAC, Nxum, has ties to Bo Hines, who co-founded the company before taking a role at Tether US. The PAC's treasurer, Mitchell Nobel, is an executive at Cantor Fitzgerald, a firm that manages assets for Tether's global operation. When the Fellowship PAC was announced last year, it was presented as a contrast to previous political engagement, with a focus on transparency and trust.

However, the PAC's current actions have raised questions about its true intentions and connections to Tether US.