Tether's EQIBank Exposure Minimal Amid US Asset Seizure
Tether, the issuer of the popular stablecoin USDT, has revealed that its exposure to EQIBank is minimal. The lender was recently caught up in a U.S. asset seizure that could force it into liquidation.
According to Tether's spokesperson, the company had no knowledge of the alleged misconduct by Capstone, a U.S. payment processor used by EQIBank.
Tether stated that assets held at EQIBank represent less than 0.034% of its total assets, which is approximately $64 million based on Tether's June report of $187.75 billion in group assets.
The seizure of funds from Capstone accounts has put EQIBank at risk of liquidation, with roughly $89 million seized, equal to about 80% of its monetary holdings, according to reports by the Financial Times and The Information.