Tether Says EQIBank Exposure Is Below 0.034% After US Asset Seizure

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure TL;DR Tether says assets held with offshore banking partner EQIBank represent less than 0.034% of its total group assets. U.S. authorities are seeking forfeiture of tens of millions of dollars tied to EQIBank payment processor Capstone. Tether says it had no knowledge of the conduct alleged by prosecutors and has not disclosed the exact amount it holds with the bank. Tether is trying to contain concerns around one of its banking counterparties after U.S. authorities seized assets connected with EQIBank’s payment infrastructure. The USDT issuer says its exposure to EQIBank amounts to less than 0.034% of Tether’s total group assets. Based on Tether’s latest reported asset base of roughly $187.75 billion, that percentage would imply a ceiling below approximately $64 million. The company has not disclosed the actual figure. The Seizure Is About EQIBank’s Payment Processor The legal action involves Capstone Limited, a payment processor used by EQIBank to move customer funds through U.S. banking channels. Federal authorities have sought forfeiture of assets held in accounts associated with...