Following a series of large-scale hacks targeting Drift (DRIFT) and Kelp DAO, USDT's market capitalization growth rate has surpassed that of USDC, Decrypt reported. Investment bank Compass Point noted that DeFi fund outflows after the hacks are putting pressure on USDC's market cap, which could lead to reduced profits for Coinbase (COIN) and Circle (CRCL). Circle is also facing a class-action lawsuit for not freezing funds when hackers laundered hundreds of millions of dollars via CCTP during the Drift hack, and its stock price has continued to decline recently.
