The cryptocurrency exchange, which had previously used Circle’s USDC as its settlement layer, announced the reboot on Thursday (April 16) along with new funding of up to $147.5 million from Tether and its partners.

“During the initial phase of the collaboration, a substantial portion of exchange revenue, together with committed support capital, is intended to fund a dedicated user recovery pool,” Drift said in a news release. “This structure is designed to address the $295 million in outstanding user losses over time as exchange revenue grows. Drift has been actively working with law enforcement and blockchain…