Under Personal Hotspot
Some people may be confused as the tethering option, on the Verizon iPhone, is located under "Settings > General > Network > Personal Hotspot". This is a little different from the AT&T iPhone where it is located under "Settings > General > Network > Internet Tethering".
My wife and I both have Verizon iPhones. I have purchased and installed "TetherMe" on my iPhone. When going to "Settings > General > Network > Personal Hotspot" on my iPhone I have options (WiFi, Bluetooth) but on my wife's iPhone the user is prompted to call Verizon to activate the feature.