Drift Protocol is relaunching with Tether's USDT as its settlement layer after a cyberattack that caused $295 million in user losses. Tether and partners are providing up to $147.5 million in funding to support a user recovery pool, aiming to compensate losses as exchange revenue grows. Drift, which suspended operations after a North Korea-linked hack, is working with law enforcement to recover stolen assets and will implement stronger security measures. The move contrasts with Circle's more cautious approach to freezing stolen USDC funds, highlighting differing stances among stablecoin issuers on handling hacks.
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...
Tether led a $7 million Series A funding round in Pact Labs to expand the use of its USA₮ stablecoin in payroll, payments, and lending through fintech partnerships. Pact Labs connects traditional fintech with blockchain liquidity, enabling over 500,0...
South Korean cryptocurrency exchange Upbit began trading the Derive (DRV) token on July 14, offering trading pairs with Korean won (KRW), Bitcoin (BTC), and Tether (USDT). This listing enhances DRV's exposure in one of Asia's largest crypto markets a...
