coin-img-ETHETH+0.54%coin-img-BTCBTC+0.50%coin-img-OPGOPG+343.50%coin-img-SOLSOL+1.27%coin-img-SMARTTOOLSSMARTTOOLS+25.46%coin-img-TOMTOM+147.39%coin-img-USDCUSDC+0.02%coin-img-XRPXRP+0.27%coin-img-ETHETH+0.54%coin-img-BTCBTC+0.50%coin-img-OPGOPG+343.50%coin-img-SOLSOL+1.27%coin-img-SMARTTOOLSSMARTTOOLS+25.46%coin-img-TOMTOM+147.39%coin-img-USDCUSDC+0.02%coin-img-XRPXRP+0.27%coin-img-ETHETH+0.54%coin-img-BTCBTC+0.50%coin-img-OPGOPG+343.50%coin-img-SOLSOL+1.27%coin-img-SMARTTOOLSSMARTTOOLS+25.46%coin-img-TOMTOM+147.39%coin-img-USDCUSDC+0.02%coin-img-XRPXRP+0.27%coin-img-ETHETH+0.54%coin-img-BTCBTC+0.50%coin-img-OPGOPG+343.50%coin-img-SOLSOL+1.27%coin-img-SMARTTOOLSSMARTTOOLS+25.46%coin-img-TOMTOM+147.39%coin-img-USDCUSDC+0.02%coin-img-XRPXRP+0.27%

Tether Hits Record $188B Market Cap After DeFi Hack as USDC Expansion Cools

Tether's lead over Circle is widening, according to CoinDesk. A Solana vulnerability tied to Drift Protocol was exploited this month, with losses estimated at up to $285 million. After another major hack on Tuesday—one reportedly linked to North Korea—demand for USDT in decentralized finance pushed its market capitalization to a new record. CoinGecko data show USDT rising 2.1% to nearly $188 billion. USDC growth has been more subdued, increasing 1.4% to $78.25 billion. Analysts at investment bank Compass Point said Tuesday that DeFi outflows could weigh on USDC's onchain circulation, potentially reducing the interest income Coinbase and Circle earn from the stablecoin's reserve assets, primarily U.S. Treasuries. "188 billion USDT (alltime high)" — Paul Adoino
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