Tether hits $188B ATH as Drift's $285M hack and Kelp DAO exploits drive DeFi flight from USDC

USDT crossed $188B market cap on April 21, an all-time high that extends Tether's lead over Circle's $78.25B USDC as DeFi users flee risk-on venues. The catalyst: Drift Protocol's $285M exploit by North Korea-linked attackers, plus a Kelp DAO targeting that triggered $1.5B in stablecoin withdrawals from Aave. USDT grew 2.1% since the Drift hack vs USDC's 1.4% — Nansen's Jake Kennis frames USDT's deeper CEX liquidity as the default flight-to-safety path during DeFi stress.

TLDR by @Benthic

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Explore the topic

• Hacks
• USDC
• DAO
• Kelp DAO