U.S. Asset Seizure Reveals Banking Infrastructure Behind Tether

U.S. prosecutors are seeking to forfeit over $84 million linked to CapStone, a payments firm associated with Tether's banking partner EQIBank. The case highlights the reliance of the stablecoin ecosystem on traditional banking for fiat inflows and outflows. Tether confirmed EQIBank provided services for USDT redemptions and purchases, noting its exposure to the bank is less than 0.034% of its total assets.