Tether has disclosed that its exposure to EQIBank is limited after U.S. authorities sought the forfeiture of about $84.2 million in assets linked to Capstone, while stressing that it was not aware of the conduct alleged by federal prosecutors.
The disclosure follows a civil forfeiture case brought by the U.S. Department of Justice involving assets allegedly connected to Capstone. Tether said its exposure to EQIBank accounts for less than 0.034% of its total group assets. The company did not disclose the precise amount involved.
The disclosure provides additional information about Tether’s banking relationship with EQIBank but does not establish that any assets sought by U.S. authorities are part of the reserves backing Tether’s USDT stablecoin.
Tether said its exposure to EQIBank represents less than 0.034% of its total group assets, while the exact value of its exposure has not been disclosed.
U.S. authorities seek forfeiture of Capstone-linked assets
The U.S. Department of Justice filed a civil forfeiture complaint in July 2026 involving approximately $84.2 million in property associated with Capstone. A court order dated Sept. 14 identified several financial accounts containing assets targeted in the proceedings.
The identified property included approximately $79.11 million held in a Wells Fargo Securities account, about $1.86 million in a Wells Fargo Bank account, and roughly $2.06 million in a JPMorgan Chase account. The court documents also identified USDT held at two cryptocurrency addresses.
The forfeiture proceedings are focused on property allegedly connected to Capstone. They do not represent a finding of wrongdoing by Tether, and the court has not issued a final ruling establishing ownership of the assets.
EQIBank has separately stated that U.S. authorities seized approximately $89 million connected to its payment-processing activities. The bank has sought the return of the funds and has maintained that it is the innocent owner of the seized property.
The dispute remains unresolved as the court considers the competing claims. The seizure itself does not constitute a final judicial determination concerning ownership.
Tether distances itself from allegations
U.S. prosecutors have alleged that Capstone misrepresented its business activities to U.S. banks. Tether has said it was unaware of the conduct described by prosecutors.
The distinction is significant because the current proceedings concern assets associated with Capstone rather than allegations against Tether. No court has made a final finding of wrongdoing against Tether or established that the stablecoin issuer participated in the conduct described in the government’s case.
The pending civil forfeiture action therefore does not establish that Tether committed wrongdoing or that the assets targeted by authorities are part of USDT reserves.
Tether’s disclosure also sheds light on the nature of its relationship with EQIBank. The bank has provided services related to wire transfers associated with purchases and redemptions of USDT, placing EQIBank within part of the financial infrastructure used for Tether-related transactions.
Exposure remains below stated threshold
Tether reported total group assets of approximately $187.75 billion as of June 30, 2026. Based on that figure, 0.034% would amount to roughly $63.8 million.
That figure should not be interpreted as Tether’s disclosed exposure. It represents only an approximate upper-bound calculation based on the percentage provided by the company. Tether has not identified the precise amount of its exposure to EQIBank.
The available information also does not establish that the property involved in the forfeiture proceedings forms part of the reserves supporting USDT. The assets identified by authorities are associated with the broader Capstone-related case, while Tether’s disclosure concerns its relationship and exposure to EQIBank.
The disclosure gives markets a clearer indication of Tether‘s potential exposure while leaving the exact balance, ownership of the seized assets, and their relationship to USDT reserves unresolved as the U.S. forfeiture case continues.
The case remains pending, and further court proceedings could determine ownership of the assets and clarify the claims made by U.S. authorities, EQIBank, and other parties connected to the property.