The incident highlights ongoing counterparty risks in fiat gateway networks, despite Tether's stated maximum exposure being below $64 million.
By Olivier Acuna|Edited by Nikhilesh DeSep 25, 2026, 10:32 a.m. EDT2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on The offshore digital bank EQIBank, licensed in Dominica, faces potential liquidation after a $89 million asset seizure by U.S. authorities. (EQIBank/Press)SummaryShow- Tether disclosed that its exposure to EQIBank, involved in a U.S. asset seizure, is less than 0.034% of its total assets.
- With Tether reporting total assets of $187.75 billion, this exposure could be estimated at around $64 million, although the exact figure was not provided.
- The seizure impacted approximately $89 million, or 80% of EQIBank's total monetary assets, raising concerns about counterparty risks for stablecoin issuers, though it currently poses no direct threat to USDT's reserves or its dollar peg.
In a recent statement, Tether revealed that its financial ties to EQIBank, a lender recently affected by a U.S. asset seizure, are minimal.
Tether indicated that its holdings at EQIBank constitute less than 0.034% of its overall assets, following the seizure that may lead to the bank's liquidation, as reported by Financial Times and The Information.
A spokesperson for Tether stated, "Tether had no knowledge of the conduct by Capstone alleged by the Department of Justice." The company confirmed that its assets at EQIBank are limited to “less than 0.034% of the assets of the group,” without specifying the precise dollar amount.
Based on Tether’s June report indicating $187.75 billion in assets, the exposure mentioned by the spokesperson would translate to approximately $64 million.
EQIBank utilized Capstone, a U.S.-based payment processor, to manage funds and facilitate customer transactions via accounts at Wells Fargo and JPMorgan Chase, as detailed in court documents. U.S. authorities have since seized funds from Capstone's accounts and initiated a civil forfeiture, alleging that Capstone misrepresented its operations to banking institutions.
According to EQIBank, the seizure involved around $89 million, which represents about 80% of its monetary reserves, placing the institution at risk of liquidation, as reported by the Financial Times.
EQIBank provided banking services to Tether, including the management of wire transfers related to USDT purchases and redemptions. While Tether confirmed its limited exposure to EQIBank, the exact dollar value has not been disclosed, according to The Information.
This situation does not indicate an immediate risk to USDT's reserves or its dollar peg but highlights the existing counterparty risks within the banking networks that support stablecoin issuers in handling customer transactions.
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The Definitive Stablecoin Landscape Series: Asia Pacific
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Why it matters:
As stablecoins transition into regulated finance, APAC is emerging as a critical testing ground. This report outlines the region’s regulations, applications, and RLUSD’s involvement.
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