Drift gets $148 million funding from Tether and partners as it replaces Circle stablecoin with USDT after massive exploit

Drift gets $148 million funding from Tether and partners as it replaces Circle stablecoin with USDT after massive exploit

Search/NewsVideoPricesResearchConsensus 2026Data & IndicesSponsoredSearch/enFinanceShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailDrift gets $148 million funding from Tether and partners as it replaces Circle stablecoin with USDT after massive exploitThe money will be used by Drift to recover user funds after more than $270 million in clients assets were exploited this month, and will relaunch the protocol as a USDT-based perpetuals DEX on Solana.By Will Canny|Edited by Aoyon Ashraf Apr 16, 2026, 1:00 p.m. Make preferred on Tether CEO Paolo Ardoino. (Nikhilesh De/CoinDesk)What to know: Tether proposes up to $127.5 million, and other partners propose up to $20 million, to back the recovery of user funds and the protocol's relaunch.Drift to use USDT as its core settlement layer, with incentives and liquidity support, replacing Circle's USDC.The revenue-linked structu

Source: https://www.coindesk.com/business/2026/04/16/drift-gets-usd148-million-funding-from-tether-and-partners-as-it-replaces-circle-stablecoin-with-usdt-after-massive-exploit