Tether Market Cap Hits $188 Billion Amid DeFi Hack Impact

2026-04-22 05:40

Tether's market capitalization surged to an all-time high of $188 billion, marking a 2.1% increase, following a significant DeFi hack involving Solana's Drift Protocol. The exploit, which resulted in losses of up to $285 million, has driven users towards USDT, enhancing its market dominance over Circle's USDC. In contrast, USDC's market cap grew by only 1.4% to $78.25 billion. Analysts from Compass Point highlighted that DeFi outflows could pressure USDC's on-chain circulation, potentially affecting the earnings of Coinbase and Circle from U.S. Treasuries backing the stablecoin.

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