Tether Says EQIBank Exposure Is Less Than 0.034 Percent

Tether Confirms Minimal EQIBank Exposure as DOJ Seizes $84.2M from Capstone

Tether disclosed less than 0.034 percent of group assets are held at EQIBank, which provided USDT banking services, as U.S. prosecutors seek forfeiture tied to payment processor Capstone.

The On-Chain Desk

Gokhshtein Media

September 27, 2026

3 min read

Tether confirmed its banking relationship with Dominica-licensed EQIBank, disclosing asset exposure of less than 0.034 percent of total group assets. The disclosure follows a major U.S. asset seizure tied to payment provider Capstone Ltd.

Court documents from a Sept. 14 federal order detail approximately $84.2 million in property U.S. prosecutors are seeking to forfeit. The seizure includes $79.11 million from a Wells Fargo Securities account held in Capstone's name, $1.86 million from a Wells Fargo Bank account and roughly $2.06 million from a JPMorgan Chase account. The order also lists 1.12 million USDT from one cryptocurrency address and 54,578.45 USDT from a second address.

EQIBank has contested the seizure, claiming U.S. authorities took approximately $89 million belonging to the bank through Capstone—roughly 80 percent of its monetary holdings.

Tether's confirmation followed a report by The Information, which indicated EQIBank provided banking services for USDT purchases and redemptions. A Tether spokesperson told The Information the company had no knowledge of the conduct Capstone is alleged to have committed.

Applying Tether's 0.034 percent ceiling to its latest published quarterly assets provides an upper-bound reference. Tether reported $187.75 billion in assets as of June 30, suggesting maximum EQIBank exposure of roughly $63.8 million, though the actual deposit balance could be lower.

Tether's second-quarter reserve report, ending June 30, placed total liabilities at approximately $183.64 billion. The company reported $4.11 billion in excess reserves and USDT issuance near $184.6 billion at quarter-end.

Tether generated roughly $1.5 billion in operating profit during the second quarter. Its excess reserve balance fell from $8.23 billion at the end of the first quarter to $4.11 billion by June 30.

Tether stated its reserves remain concentrated in short-duration and liquid assets, including U.S. Treasury-related holdings and repurchase agreements. The company has not published a breakdown of deposits across all offshore banks, with the 0.034 percent statement applying specifically to EQIBank holdings.

EQIBank has contested the seizure, claiming U.S. authorities took approximately $89 million belonging to the bank through Capstone—roughly 80 percent of its monetary holdings.

Tether generated roughly $1.5 billion in operating profit during the second quarter. Its excess reserve balance fell from $8.23 billion at the end of the first quarter to $4.11 billion by June 30.