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 Tether’s interests in the U.S. "It's 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 didn't offer any evidence to support his claim about Tether using Twenty One for political reasons. Tether didn't immediately respond to a request for comment.
USDT, the world’s largest stablecoin, is primarily oriented toward markets outside the United States. Tether restricts most U.S. persons from directly using its platform, although USDT can still circulate through secondary markets. The company has nevertheless been working to expand its American footprint.
