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U.S. prosecutors are seeking $84.2 million from a Caribbean bank linked to Tether and are also targeting a Montana payments firm. Both entities are accused of moving money without a license, according to Decrypt.
Tether said it had limited exposure to EQIBank, where it holds some assets, after US prosecutors alleged that a payments business illegally transferred hundreds of millions of dollars. The case involves an $84 million seizure.
Tether says its maximum EQIBank exposure is below $64 million after an $89 million U.S. asset seizure. The episode highlights continuing counterparty risks in fiat gateway networks relevant to USDT market participants.
Tron has become a major settlement network for USDT, processing an estimated $150 billion to $190 billion in stablecoin transfers each week. Canary Capital’s Josh Olszewicz reviews its economics and potential regulatory implications.
Chainflip plans to reset TRON-based USDT provider balances to zero after a $736,000 exploit. Providers retain separate on-chain records of amounts owed, but the protocol has not announced a repayment timeline.
USDT was reportedly involved in a failed oil trade that cost a Polish energy giant $230 million in late 2023, according to the Financial Times. The transaction links stablecoin use with a major commodity-market deal.
Circle’s $400 million Tazapay deal is aimed at expanding USDC in emerging markets, where Tether has long been strong. The transaction provides market links and relationships that could otherwise take years to establish.
Bitrace estimates Xinbi-linked holdings targeted in Tether’s crackdown at more than $45 million. CryptoSlate reports that the sanctioned marketplace has announced plans to use USDD exclusively, shifting toward a decentralized stablecoin.
Tether and Fasanara Capital launched a $400 million evergreen private credit fund using USDT infrastructure for asset-backed lending through fintech platforms in more than 60 countries, with a target of $3 billion.
A Tether-backed crypto exchange has frozen withdrawals after reporting that more than $7 million moved from custody to outside wallets. The exchange said recovery efforts are still at an early stage, according to CryptoSlate.
