Tether establishes a recovery framework for Drift Protocol users, committing up to US$127.5 million and transitioning the platform to USDT.
Tether has announced a strategic collaboration with Drift Protocol to support a recovery plan following a US$285 million exploit on 1 April 2026.
The initiative establishes a structured framework backed by nearly US$150 million in combined support, with Tether committing up to US$127.5 million to stabilise the platform and prioritise user recovery.
The recovery model is designed to be revenue-driven, linking the restoration of user balances to ongoing trading activity on the Drift exchange. As the platform resumes operations, exchange revenue will contribute directly to user recovery.
The capital support is intended to be introduced progressively, aligning the recovery process with actual platform performance. As part of the relaunch, Drift Protocol will transition its primary settlement asset from USDC to USDT.
This shift is expected to involve over 128,000 users and more than 35 ecosystem teams, including Gauntlet, Neutral, and M1, positioning USDT as the primary settlement asset on one of the largest perpetual trading venues on the Solana blockchain.
Paolo Ardoino, CEO of Tether, said: “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 also reported that it has recovered over US$800 million in coordination with more than 310 law enforcement agencies across 64 countries. By leveraging real-time analytics and direct collaboration, Tether aims to set a standard for accountability in the digital asset sector.
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