Swan CEO Accuses Tether of Using 'Twenty One' for Political Influence!

​A massive public dispute has just erupted at the highest levels of the Bitcoin industry. Swan Bitcoin CEO Cory Klippsten has launched heavy allegations against stablecoin giant Tether, claiming they effectively control Twenty One Capital (XXI) a publicly traded U.S. Bitcoin treasury company that launched with a staggering $3.6 billion in BTC.
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​During a recent podcast interview, Klippsten alleged that Tether is using Twenty One as a covert vehicle to advance its political interests within the United States.
​Klippsten explicitly claimed that Twenty One serves as Tether's U.S. entity to "line pockets where needed for political reasons."
​ It is highly important to note that Klippsten did not provide any concrete evidence to support these severe allegations.
​Tether has not yet issued an official response to the claims.

​Jack Mallers Exits as CEO
​Adding fuel to the fire, there has been a sudden, massive shakeup in Twenty One's leadership. Jack Mallers, the high-profile founder of the Bitcoin payments app Strike, has abruptly stepped down as CEO of Twenty One this week.

​Mallers' exit comes immediately after Strike dropped out of a highly anticipated, multi-stage merger that would have combined Strike, Twenty One, and the mining firm Elektron Energy into one mega-conglomerate.
​Klippsten took direct shots at Mallers as well, characterizing his brief tenure as CEO as purely "ceremonial." Klippsten alleged that Mallers' only real job was to aggressively "shill the stock" leading up to the merger attempts.
​Mallers stated simply: "My life's work remains Bitcoin. My Bitcoin company is Strike. The work continues."
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Twenty One was heavily positioned to challenge companies like MicroStrategy in the public Bitcoin treasury space. However, this sudden executive departure, a collapsed merger, and heavy public accusations of political maneuvering highlight extreme behind-the-scenes friction. Tether, which operates primarily outside the U.S., has been pushing to expand its American footprint but these allegations reveal how intensely competitive and fiercely guarded the institutional Bitcoin landscape has become.