I believe it's a competitor to the Fed, not a partner. It's a partner to the treasury, like the Fed. The only part that makes it not the "central bank" is that it doesn't issue fractional-reserve loans to banks that lend out its tether currency... Yet.

But the fed benefits from the demand for dollars. I'm that way I don't believe they are competition. The fed is more than happy to have them. The banks on the other hand... The banks are terrified.