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04/17/2026

Drift Secures $148 Million Rescue Funding From Tether

Solana-based derivatives protocol Drift raised $148 million in emergency funding led by Tether and partners following a catastrophic exploit that drained over $270 million in user asset

Drift Secures $148 Million Rescue Funding From Tether

What happened: Solana-based derivatives protocol Drift raised $148 million in emergency funding led by Tether and partners following a catastrophic exploit that drained over $270 million in user assets earlier this month. The protocol will relaunch as a USDT-based perpetuals DEX, abandoning Circle's USDC in favor of Tether's stablecoin.

Why it matters: This represents one of the largest DeFi rescue operations to date and highlights Tether's growing influence in protocol recovery efforts. The switch from USDC to USDT could signal a broader trend as protocols seek more reliable stablecoin partnerships, especially after major exploits.

Source: CoinDesk