Tether EQIBank Exposure Minimal
Tether reports minimal exposure to EQIBank following a major United States asset seizure.
Anonymous
Tether confirmed that it held assets at offshore banking partner EQIBank, whose assets are subject to a major U.S. seizure and which faces liquidation risk. The stablecoin issuer said its EQIBank exposure is less than 0.034% of its total assets and that it had no knowledge of U.S. prosecutors’ allegations involving payment provider Capstone. Tether did not disclose the amount or provide a broader breakdown of its offshore bank deposits, so the actual exposure and potential recovery remain unclear; the company said the limited share should have little effect on its overall reserves.
Key Points
1
EQIBank reportedly handled wire transfers connected with customers’ purchases and redemptions of USDT, making it part of Tether’s transaction-banking infrastructure.
2
Tether’s June 30 reserve report listed $187.75 billion in assets, about $183.64 billion in liabilities, and $4.11 billion in excess reserves; USDT issuance was approximately $184.6 billion at quarter-end.
3
Tether reported roughly $1.5 billion in second-quarter operating profit, while its excess-reserve balance had dropped from $8.23 billion at the end of the first quarter to $4.11 billion at June’s end.
4
Tether said its reserves were concentrated in short-duration, liquid holdings, including U.S. Treasury-related assets and repurchase agreements.
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