US Seizes $84M From Payments Firm Capstone Linked to Tether, Bitfinex

The US Department of Justice has seized roughly $84 million from bank accounts of Capstone, a payments firm working on behalf of stablecoin issuer Tether and its sister exchange Bitfinex, according to the Financial Times. The move puts a spotlight on the fragile banking rails behind the world’s largest stablecoin.

What the DOJ actually seized

Prosecutors have frozen around $84 million in Capstone’s bank accounts at Wells Fargo and JPMorgan Chase. Federal prosecutors filed a civil forfeiture complaint against Capstone’s accounts on July 15, 2026, in the U.S. District Court for the Eastern District of California.

The complaint alleges that Capstone was unlicensed, hid the nature of its business from banks, and appears to have made payments to hundreds of people and entities for two unnamed firms which the FT says are Tether and Bitfinex. Capstone is also accused of helping fraudsters posing as FBI agents to convert stolen cash into stablecoins.

How Tether and Bitfinex got pulled in

EQIBank used Capstone, a U.S. payment processor, to hold funds and move customer money through accounts at Wells Fargo and JPMorgan Chase, according to court filings. EQIBank provided banking services to Tether, including processing wire transfers linked to purchases and redemptions of USDT.

Court documents show that more than $700 million passed through one Capstone account over several months. About $337 million was then sent to hundreds of people and companies, with nearly two-thirds of that money reportedly processed for Tether and Bitfinex.

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Tether downplays exposure

A Tether spokesperson said that ‘Tether’s exposure to EQIBank is minimal, amounting to less than 0.034% of the group’s total assets.’ Based on Tether’s reported $187.75 billion in assets, its exposure could be roughly $64 million, though the company did not disclose an exact figure.

The disclosure does not suggest an immediate threat to USDT’s reserves or dollar peg. But it highlights the counterparty risk in the network of banks that help stablecoin issuers process customer deposits and redemptions.

EQIBank on the brink

Dominica-licensed offshore digital bank EQIBank faces potential liquidation following the $89 million U.S. asset seizure involving its payment processor. Following the seizure EQIBank quickly filed an emergency motion in a California court to recover the frozen assets.

EQIBank filed a motion seeking the seized funds, arguing that it was misled by Capstone and believed Capstone was ‘properly registered.’ Capstone, for its part, denies wrongdoing and plans to move to dismiss.

Options market and stocks to watch

Watch for spillover into names with direct or adjacent exposure to the stablecoin banking stack:

WFC: Wells Fargo held the bulk of the seized funds; watch for headline risk tied to its role as a banking counterparty.

JPM: JPMorgan Chase is named as the second custodian bank in the complaint; watch for any commentary on crypto-linked account screening.

COIN: Coinbase competes with Tether-adjacent rails through USDC and could benefit if traders question USDT’s banking plumbing.

CEP: Circle, the USDC issuer, is a direct beneficiary of any USDT trust wobble.

MSTR: Broader crypto sentiment names like Strategy tend to react to any stablecoin-related banking scare. See more coverage in other news.

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