Tether downplays impact of US seizure at EQIBank

Tether said assets it holds at EQIBank represent less than 0.034% of the group's total assets. U.S. authorities seized money from accounts used by EQIBank's payment processor Capstone on Thursday. The seizure reportedly affected about $89 million, or 80 percent, of EQIBank's monetary holdings. Tether said the event posed no apparent immediate threat to USDT's reserves or dollar peg. Tether said it had no knowledge of conduct by Capstone alleged by the Department of Justice. Tether did not disclose the exact dollar amount of its EQIBank assets. Tether's June report put group assets at $187.75 billion. The stated percentage would put EQIBank exposure at roughly $64 million. EQIBank said the seizure could force it into liquidation, according to reports. Capstone used accounts at Wells Fargo and JPMorgan Chase to hold funds. Capstone used those accounts to move customer money. U.S. prosecutors filed a civil forfeiture case alleging that Capstone misrepresented its business to banks.