In brief
- Growth in USDT’s market cap has outpaced USDC’s since Drift Protocol was exploited for $285 million this month.
- If USDC holders begin off-ramping the stablecoin or move it to exchanges, Compass Point analysts foresee lower profits for both Circle and Coinbase.
- Nansen analyst Jake Kennis posited to Decrypt that Tether’s stablecoin likely offers superior liquidity during DeFi crises.
Tether’s dominance over Circle has been rising since Solana-based Drift Protocol was exploited for $285 million this month, with decentralized finance users appearing to propel USDT’s market cap to an all-time high on Tuesday following another major hack.
Since attackers linked to North Korea pulled off one of DeFi’s largest hacks this…
