Xrp

Drift Protocol jumps 20% as Tether backs $127.5M recovery plan

Drift Protocol has received a massive boost with $127.5 million from Tether.

Drift pivots to Tether from USDC after April 1 hack recovery.

DRIFT price was up 20% in the past 24 hours and traded 60% up in the past week.

Drift Protocol's governance token, DRIFT, surged 20% on Thursday, rising to intraday highs above $0.061 and touching its highest level since April 1, 2026.

DRIFT exploded following an announcement that stablecoin giant Tether has committed $127.5 million in funding to support Drift's rebound from a major cyberattack linked to North Korea.

This development has ignited trader enthusiasm, paving the way for Drift's planned revival on Solana using USDT for settlements.

Drift secures $127.5 million in key Tether backing

Drift Protocol, hit by a sophisticated North Korean-backed hack earlier this month, is set to revive its operations with Tether's USDT serving as the primary settlement asset.

The project on Thursday disclosed a nearly $150 million funding package, including $127.5 million from Tether and an additional $20 million from partner backers.

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