Swan CEO claims Twenty One serves Tethers US political interests, calls Mallers' role 'ceremonial'
Quick TakeIn an interview on The Starting Block, Swan Bitcoin CEO Cory Klippsten was critical of Tether-backed Twenty One Capital and of Jack Mallers role as chief executive of the BTC treasury company.Twenty One Capital is used to “line pockets where needed for political reasons in the U.S.,” and Mallers position at the company was “only ceremonial,” according to Klippsten. Swan Bitcoin CEO Cory Klippsten sharply criticized stablecoin giant Tether and Jack Mallers, who recently stepped down as CEO of Twenty One Capital. Although Klippsten said Tether had “obfuscated it to some degree,” he argued that the company effectively controls Twenty One, a publicly traded U.S.-based bitcoin treasury company. Klippsten also alleged that Twenty One is being used as a vehicle to advance Tethers interests in the U.S. “Its kind of their U.S. entity for them to do U.S. things and, you know, line pockets where needed for political reasons,” he said during an interview on The Starting Block podcast on Thursday. The Swan Bitcoin CEO didnt offer any evidence to support his claim about Tether using Twenty One for political reasons. Tether didnt immediately respond to a request for comment. USDT, the worlds largest stablecoin, is primarily oriented toward markets outside the United States.
