Swan CEO Alleges Twenty One Supports Tether’s US Strategy, Questions Jack Mallers’ Leadership
Swan Bitcoin CEO Cory Klippsten has publicly criticized Tether and its involvement with Twenty One Capital. During an interview on The Starting Block podcast, Klippsten claimed that the Bitcoin treasury company primarily serves Tether’s strategic interests in the United States.
According to Klippsten, Tether has structured its relationship with Twenty One in a way that makes the company appear more independent than it actually is. He argued that Tether effectively controls the publicly traded Bitcoin treasury firm.
Klippsten Claims Twenty One Advances Tether’s US Interests
Klippsten alleged that Twenty One Capital is being used to strengthen Tether’s presence in the U.S. market. He claimed the company acts as Tether’s American operating vehicle for business and political activities.
However, Klippsten did not provide evidence to support his allegations regarding political influence. At the time of publication, Tether had not issued a public response to those claims.
Tether Continues to Expand in the United States
Tether is the issuer of USDT, the world’s largest stablecoin. While the company mainly serves international markets and restricts direct access for most U.S. users, it has recently increased its focus on the American market.
The company introduced USAT, a stablecoin designed specifically for U.S. users. Tether also backed the creation of Twenty One Capital, which trades on the New York Stock Exchange (NYSE) under the ticker XXI.
Twenty One Capital Built a Large Bitcoin Treasury
Twenty One Capital was formed through a SPAC merger with Cantor Equity Partners. The company launched with approximately $3.6 billion worth of Bitcoin, making it one of the largest publicly traded corporate Bitcoin holders at the time.
Following the launch, Strike founder Jack Mallers was appointed Chief Executive Officer of Twenty One Capital to lead the company’s Bitcoin treasury strategy.
Jack Mallers Steps Down as CEO
Earlier this week, Jack Mallers announced that he had stepped down as CEO of Twenty One Capital. His departure came after Strike withdrew from a proposed merger involving Twenty One and Bitcoin mining company Elektron Energy.
In a statement shared on social media, Mallers said his primary focus remains on Strike and its mission to support Bitcoin adoption. He emphasized that his long term commitment continues to be building products around Bitcoin.
Swan CEO Calls Mallers’ Role “Ceremonial”
Klippsten also questioned Mallers’ leadership position at Twenty One Capital. He described the former CEO’s role as largely ceremonial, suggesting that his main responsibility was promoting the company and its publicly traded stock.
Klippsten further claimed that Mallers actively promoted Twenty One shares after the company launched. He also said he does not believe the decision for Mallers to leave was entirely his own.
At the time of publication, Jack Mallers had not publicly responded to Klippsten’s remarks.
Conclusion
The comments from Swan Bitcoin CEO Cory Klippsten have added fresh controversy to the relationship between Tether, Twenty One Capital, and Jack Mallers. While Klippsten questioned Tether’s influence and Mallers’ leadership role, no supporting evidence has been presented for the political allegations. Investors will likely watch for responses from Tether and Twenty One as the discussion continues.
