Tether says EQIBank holdings are minimal amid US seizure case
Tether stated that its EQIBank holdings are below 0.034% of group assets, or about $63.8 million based on its June 30 attestation. EQIBank could be liquidated after U.S. authorities seized roughly $89 million connected to payment processor Capstone Limited. Tether said it was unaware of the DOJ allegations against Capstone, while stablecoin reserve custody rules under MiCA and the GENIUS Act remain in focus.
Tether told CoinDesk its EQIBank holdings are under 0.034% of group assets; applying the June 30 attestation total of $187.75B suggests about $63.8M, though Tether didn’t confirm that exact figure or whether the funds were tied to USDT reserves.
EQIBank, Dominica-licensed, may liquidate after a U.S. seizure of ~$89M linked to Capstone, about 80% of its monetary holdings. A Sept. 14 court order covered Capstone accounts at Wells Fargo and JPMorgan, including ~$79.1M at Wells Fargo Securities. Tether said it didn’t know the DOJ allegations.
The episode could affect stablecoin users and crypto firms that rely on offshore banking partners, potentially raising concerns about reserve custody and redemption confidence. It may also draw more regulatory attention to how issuers safeguard reserves under frameworks like MiCA and the GENIUS Act. Banks and payment processors tied to such flows could face tighter scrutiny, while ordinary users might see temporary market uncertainty if liquidity worries spread.