Tether has committed up to $150 million to support Drift Protocol users after a $285 million exploit on April 1 drained funds from the Solana-based trading platform. The recovery plan links repayments to Drift's trading revenue, restoring user balances progressively as the platform resumes operations. Drift will relaunch using Tether's USDT stablecoin instead of USDC, integrating over 35 ecosystem teams and expanding USDT's presence on Solana. This approach aims to restore user confidence and ensure long-term platform growth without relying on legal delays or upfront capital payouts.
Bitcoin and Ethereum experienced combined outflows exceeding $59 million as traders moved funds into stablecoins like USDT and fiat currencies, signaling a cautious stance in the crypto market. This rotation reflects a short-term defensive strategy, ...
The US Treasury added four crypto wallets linked to Iran's central bank to its sanctions list, prompting Tether to freeze $131 million in USDT held in TRON-based addresses. These wallets had received over $165 million in stablecoins, part of Iran's b...
Circle won a court-backed arbitration ruling confirming it lawfully suspended Heka Funds' USDC minting and redemption services due to undisclosed ties to Tether and suspected market manipulation. Heka failed to disclose Tether as its main investor, w...
Tether is shifting stablecoin use from crypto trading to everyday financial services by leading a $7 million investment in Pact Labs. The company aims to integrate its stablecoin USA₮ into payroll systems and real-time payments, addressing the $11 tr...
Pact Labs secured $7 million in a Series A funding round led by Tether to enhance its on-chain lending platform on the Aptos blockchain. The company operates the PACT Protocol, which has facilitated nearly $2 billion in loans and serves around 500,00...
