16 April 2026 – Tether, the largest company in the digital asset ecosystem, announced today a strategic collaboration with Drift Protocol and partners to support user recovery and relaunch the Drift platform following its April 1 exploit, which resulted in approximately $285 million in user losses.
The collaboration establishes a structured recovery plan backed by up to nearly $150 million in combined support, including up to $127.5 million from Tether. The plan is designed to prioritize users while enabling Drift to return to the market and continue its growth on Solana.
At a time when Drift users required immediate support and continuity, Tether stepped in to help stabilize the situation and provide a clear path forward. This reinforced Tether’s role as a dependable infrastructure provider during the industry’s difficult moments. When incidents like this occur, users need to know who is there for them; they need coordinated action. Tether has consistently worked alongside the industry and law enforcement in similar situations to contain damage, support affected users, and help restore industry integrity.
Leveraging real-time tracking, advanced analytics, and direct collaboration with more than 310 law enforcement agencies across 64 countries, Tether continues to set a new standard for compliance, transparency, and crime prevention in the digital asset industry. It brings a level of real-time accountability that both legacy financial institutions and competing digital asset providers struggle to match. This track record is reflected in the scale of Tether’s involvement in security incidents, with over $800 million recovered in coordination with law enforcement, establishing a level of effectiveness that remains unmatched across the industry.
The recovery plan presents a clear, revenue-driven model that prioritizes Drift users from day one. Rather than relying on upfront capital alone, the structure links funding and recovery to ongoing trading activity on the Drift platform, allowing user balances to be restored as the exchange returns to normal operations. As Drift resumes activity, exchange revenue will also contribute directly to user recovery while supporting the platform’s ability to operate and scale. Capital support will be introduced progressively and aligned with performance, connecting the recovery to actual platform usage.
Additionally, as part of the relaunch, Drift will transition its settlement asset from USDC to USD₮, bringing more than 128,000 users and over 35 ecosystem teams onto USD₮-based trading. This includes ecosystems such as Gauntlet, Neutral, and M1, positioning USD₮ as a primary settlement asset on one of Solana’s largest perpetual trading venues.
“Tether’s role in the digital assets ecosystem is to provide a platform for individuals and institutions alike that is ready to step forward to help the industry in the moment of darkness. This collaboration reflects our confidence in Drift and its role in the DeFi ecosystem,” said Paolo Ardoino, CEO of Tether. “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.”
Stablecoins are playing an increasingly central role in trading infrastructure, with growing emphasis on liquidity, reliability, and settlement efficiency. In an industry where exploits often lead to prolonged uncertainty for users, Tether has repeatedly taken a more active role in supporting recovery efforts. Rather than stepping back after incidents, the company has consistently engaged with ecosystem participants and law enforcement to help contain the damage, support affected users, and maintain market continuity. This approach reflects a broader view of infrastructure, one that extends beyond issuance into availability and decisive action during moments of stress. Drift’s decision to integrate USD₮ into the relaunch and recovery of a major trading venue on Solana reinforces Tether’s role as a reliable settlement asset within the Solana ecosystem.
