Crypto PAC Fellowship Had Yet to Receive Promised $100 Million

Fellowship PAC is a cryptocurrency political action committee led by the head of government affairs at stablecoin issuer Tether. When it was established in September 2025, it said it had secured more than $100 million in funding. The group is targeting congressional candidates who support pro-crypto policies in an effort to influence the 2026 midterm elections and the direction of U.S. digital-asset regulation. Its sources of political funding and the industry’s lobbying clout have also drawn scrutiny.

In an April 21 filing with the U.S. Federal Election Commission, the group reported spending $1.75 million through Nxum Group to support Texas Attorney General Ken Paxton in his May 26 Republican Senate primary runoff against incumbent John Cornyn. Including races in other states, its reported spending exceeded $3 million. However, an April 24 report said the advertisements had not aired and the group had halted its support, while the related filings remained publicly available at the time.

Fellowship PAC is a super PAC closely tied to stablecoin issuer Tether that aims to support pro-crypto candidates in U.S. congressional elections. Its 2025 pledge to spend $100 million showed how stablecoin companies are extending their policy influence into elections that could shape future regulation and industry rules.

In July 2026, Fellowship PAC launched its first ad buy, paying $300,000 to NXUM Group, founded by Tether U.S. CEO Bo Hines, to promote Georgia Republican candidate Clay Fuller. The purchase marks the first concrete move in a congressional race since the $100 million pledge and highlights the links among the PAC, Tether executives and its contractor.