Drift secures $148M funding, switches to USDT

Drift Protocol, a decentralized perpetuals exchange on Solana, has secured a proposed funding package of up to $147.5 million from Tether and other partners. This funding aims to aid in the recovery of user funds following a significant exploit earlier this month and facilitate the protocol's relaunch. Notably, Drift will transition its settlement layer from Circle's USDC to Tether's USDT. This move comes after an exploit drained over $270 million in client assets, highlighting the ongoing competition and evolving landscape within the stablecoin market and decentralized finance.