Tether downplays impact of US seizure at banking partner EQIBank
Summary
Tether said less than 0.034% of its group assets are held at EQIBank, a Dominica-licensed lender facing possible liquidation after U.S. authorities seized about $89 million from accounts connected to its payment processor, Capstone. Based on Tether’s reported $187.75 billion in assets, the exposure could be roughly $64 million, though Tether did not confirm a dollar amount. Prosecutors allege Capstone misrepresented its business to banks. EQIBank processed some transfers related to USDT purchases and redemptions. Tether said it had no knowledge of the alleged conduct. The disclosure indicates no immediate threat to USDT reserves or its dollar peg, but underscores stablecoin issuers’ reliance on banking counterparties.
