Tether CEO Paolo Ardoino announced a $150 million support plan to rescue Drift Protocol on Solana following a recent exploit. However, the funding comes with a condition: Drift must fully transition from using USDC to Tether's USDT stablecoin as its base asset. This move aims to shift 128,000 users and partners to USDT, strengthening Tether's dominance in Solana's DeFi ecosystem. The rescue also ties compensation to future trading activity on Drift, ensuring ongoing liquidity and fees, while upgrades to security standards are planned for the relaunch. This strategic investment positions Tether as a key player in Solana DeFi amid competitor vulnerabilities.
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...
