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 year, USDT’s market cap has grown 2.1% to nearly $188 billion, according to CoinGecko. Meanwhile, USDC’s total value has increased at a slower pace, rising 1.4% to $78.25 billion.

In a Tuesday note, analysts at investment bank Compass Point wagered that DeFi outflows have the potential to pressure USDC’s on-chain circulation, a dynamic that would reduce gains derived from the…