Tether: Exposure to EQIBank, whose assets were seized by the U.S., accounts for less than 0.034% of its total assets.
49 minutes ago
Tether said its asset exposure to EQIBank, a licensed bank in Dominica, is less than 0.034% of the group’s total assets. EQIBank recently faces liquidation risk after its U.S. payment processor Capstone had roughly $89 million in assets seized by U.S. authorities. Based on Tether’s $187.75 billion group total assets disclosed in June this year, its maximum exposure to EQIBank is approximately $64 million. Tether stated it had no prior knowledge of the U.S. Department of Justice’s allegations against Capstone. EQIBank previously provided banking services to Tether, including handling wire transfers related to USDT purchases and redemptions. U.S. prosecutors accused Capstone of submitting false business information to banks and initiated civil forfeiture proceedings against its accounts at Wells Fargo and JPMorgan Chase. EQIBank said the seized roughly $89 million in assets account for about 80% of its monetary assets. Tether noted that this exposure scale does not pose a direct threat to USDT reserves or its U.S. dollar peg, but the incident once again highlights the counterparty risks stablecoin issuers face when relying on banks and payment institutions to process fund flows.
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