727 FinancePANews reported on September 25 that according to CoinDesk, stablecoin issuer Tether stated that its asset exposure to EQIBank, a Dominica-licensed bank whose assets were seized by US authorities, accounted for less than 0.034% of the group's total assets. Based on Tether’s total group assets of US$187.75 billion announced in June, its exposure limit to EQIBank is approximately US$64 million. Tether did not disclose the specific amount and stated that it had not previously been aware of the US payment processor Capstone’s actions alleged by the US Department of Justice.
EQIBank said that approximately US$89 million in assets were seized by U.S. prosecutors this time, equivalent to approximately 80% of its monetary assets, and may face liquidation. EQIBank previously provided banking services to Tether, including processing wire transfers related to USDT purchases and redemptions. This incident has not yet shown to pose a direct threat to USDT reserves or the US dollar peg, but it highlights the counterparty risks faced by stablecoin issuers when they rely on banks and fiat currency channels to process funds.