"Tether is contributing up to $127.5 million of the total recovery plan, with additional support from other partners. The plan is structured around trading activity rather than a one-time capital payout, meaning user balances will be restored progressively as Drift resumes operations and generates exchange revenue."
"As part of the relaunch, Drift will swap its primary settlement asset from USDC to USDT, bringing more than 35 ecosystem teams onto Tether's stablecoin, including Gauntlet, Neutral, and M1. This makes Drift one of the larger USDT trading venues operating on Solana."
"Paolo Ardoino, CEO of Tether, stated that the company views its role in the digital asset space as being available when others step back. The focus is on restoring user confidence and supporting a strong relaunch, with a structure that aligns recovery with real activity and long-term growth."
Tether is contributing up to $127.5 million to Drift Protocol's recovery plan following an exploit on April 1, 2026. The recovery structure ties user repayments to platform trading revenue, allowing balances to be restored progressively. Drift will replace USDC with USDT at relaunch, integrating over 35 ecosystem teams. Tether aims to restore user confidence and support long-term growth by linking funding to Drift's performance and trading volume, ensuring a sustainable recovery model.
Read at news.bitcoin.com
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