Following a series of large-scale hacks targeting Drift (DRIFT) and Kelp DAO, Decrypt reported that USDT's market capitalization growth rate has surpassed that of USDC. Investment bank Compass Point noted that the outflow of DeFi funds after the hacks is putting pressure on USDC's market cap, which could lead to a decline in revenue for Coinbase (COIN) and Circle (CRCL). Circle is also facing a class-action lawsuit for allegedly failing to freeze funds when hackers laundered hundreds of millions of dollars through CCTP during the Drift hack, and its stock price has continued to decline recently.
