89 million dollars seized by the US from a partner bank of Tether. $USDT remains at $1.
EQIBank, the foreign bank where Tether sends part of its reserves, has just had about $89 million seized by the US from an account related to a payment processor. The bank is now facing the risk of insolvency.
Tether confirms the money is stuck there. But it clarifies that this amount is not as high as 0.034% of their total reserves.
The specific reason the US moved to seize it has not been detailed by any party.
This is a familiar concern for anyone who has ever asked, "What backs USDT?" A partner bank getting tangled in legal trouble doesn’t shake the whole system, but it still serves as a reminder that Tether’s reserves are spread across many places—not in one single location.
Worth watching today: whether EQIBank can avoid dissolution risk, and whether Tether will withdraw more money from this bank.
Personal observation, not investment advice.
#USDT #Tether #Stablecoin #Crypto #CryptoNews
EQIBank, the foreign bank where Tether sends part of its reserves, has just had about $89 million seized by the US from an account related to a payment processor. The bank is now facing the risk of insolvency.
Tether confirms the money is stuck there. But it clarifies that this amount is not as high as 0.034% of their total reserves.
The specific reason the US moved to seize it has not been detailed by any party.
This is a familiar concern for anyone who has ever asked, "What backs USDT?" A partner bank getting tangled in legal trouble doesn’t shake the whole system, but it still serves as a reminder that Tether’s reserves are spread across many places—not in one single location.
Worth watching today: whether EQIBank can avoid dissolution risk, and whether Tether will withdraw more money from this bank.
Personal observation, not investment advice.
#USDT #Tether #Stablecoin #Crypto #CryptoNews
