DeFi hacks pressure USDC market cap growth

USDT's market cap growth has outpaced that of USDC following a series of large-scale hacks on Drift (DRIFT) and Kelp DAO, Decrypt reported. Investment bank Compass Point noted that DeFi fund outflows after the hacks are pressuring USDC's market cap, which could lead to reduced revenue 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 through its Cross-Chain Transfer Protocol (CCTP) during the Drift hack, and its stock price has been on a downward trend.