Drift Protocol secures nearly $150M in recovery funding from Tether and partners as it drops USDC for USDT
Crypto Briefing
Drift Protocol has raised nearly $150 million, led by Tether, to facilitate user recovery and transition its settlement currency from USDC to USDT.Summary
Drift Protocol has secured approximately $150 million in recovery funding, with Tether providing $127.5 million, following a significant April exploit that resulted in $285 million in user losses. This capital is intended to support the platform's relaunch on the Solana network. The repayment strategy links recovery to ongoing platform trading activity and revenue generation rather than immediate lump-sum payouts.
Additionally, Drift Protocol announced a strategic shift in its settlement assets, moving from USDC to USDT. This transition aims to improve liquidity and strengthen USDT's presence within the Solana trading ecosystem as the platform works to restore services for over 128,000 users.
(Source：Crypto Briefing)