Tether has disclosed that its exposure to EQIBank is limited, saying the bank accounts for less than 0.034% of its total group assets, after U.S. authorities moved to forfeit approximately $84.2 million in assets linked to Capstone. The stablecoin issuer stressed 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 property allegedly connected to Capstone. It offers additional detail on Tether's banking relationship with EQIBank, though it does not establish that any assets sought by U.S. authorities form part of the reserves backing Tether's USDT stablecoin. Civil forfeiture is a legal mechanism through which the government seeks property it alleges is connected to alleged misconduct, with contested ownership questions weighed and decided by the court as a case proceeds. The company did not disclose the precise value of its exposure.

US authorities seek forfeiture of Capstone-linked assets

The U.S. Department of Justice filed a civil forfeiture complaint in July 2026 targeting approximately $84.2 million in property associated with Capstone. A court order dated Sept. 14 identified several financial accounts containing assets named in the proceedings.

According to the court documents, 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 filings also identified USDT held at two cryptocurrency addresses.

The forfeiture proceedings focus 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 maintains that it is the innocent owner of the seized property. The dispute remains unresolved as the court weighs the competing claims, and the seizure itself does not constitute a final judicial determination of 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 the stablecoin issuer or established that it 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 targeted assets 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 it within part of the financial infrastructure used for Tether-related transactions. Fiat movements tied to stablecoin purchases and redemptions pass through bank wires, making an issuer's banking counterparties an operational dependency for its token alongside the reserves that back it.

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 number 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 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.