Swan CEO Says Twenty One Serves Tether’s U.S. Political Interests

Twenty One Capital is a U.S.-listed bitcoin treasury company backed and majority-owned by stablecoin issuer Tether. It was created in 2025 through a SPAC merger with Cantor Equity Partners and began with $3.6 billion of bitcoin on its balance sheet, then the third-largest stash among public companies. The structure matters because Tether, whose USDT business is mainly offshore, has been seeking a larger U.S. presence.

On July 23, Swan Bitcoin CEO Cory Klippsten alleged in an interview on The Starting Block that Twenty One functions as Tether’s U.S. vehicle and is used to advance political interests and “line pockets,” though he offered no evidence. Klippsten also described Jack Mallers’ chief executive role as “ceremonial” and said it centered on promoting the stock. Mallers stepped down on July 21 as Strike withdrew from a proposed merger; Tether and Mallers did not immediately respond to requests for comment.