Tether Says EQIBank Exposure Is Below 0.034% of Assets After U.S. Seizure
A federal forfeiture filing itemizes about $84.2 million in cash and USDT, below EQIBank’s separately cited $89 million figure.
Tether said Friday that assets held at Dominica-licensed EQIBank represented less than 0.034% of its total group assets after U.S. authorities seized property linked to the bank’s payment processor.
Tether did not disclose its exact exposure. Based on the company’s $187.75 billion in total assets as of June 30, the stated ceiling implies exposure below approximately $63.8 million.
A Sept. 14 order from the U.S. District Court for the Eastern District of California lists about $83 million from three accounts held in the name of Capstone Limited, a U.S. payment processor. It also lists about 1.18 million USDT from two cryptocurrency addresses, bringing the identified property to approximately $84.2 million at the token’s dollar peg.
EQIBank has separately put the seized amount at about $89 million, exceeding the property itemized in the court filing. EQIBank used Capstone to hold and move customer funds through Wells Fargo and JPMorgan Chase accounts, while Tether said the bank processed wire transfers tied to USDT purchases and redemptions.
Tether said it had no knowledge of conduct that the U.S. Department of Justice alleges against Capstone. The forfeiture case was filed July 15 and remains pending.
