gm, Defiers!

TL;DR:

Tether spearheads Drift recovery plan
Two EF employees announce their departures
Schwab announces spot crypto trading rollout
Hecto is building crypto-native access to private equity [MEDIA PARTNERSHIP]
Bitcore to launch first privately-issued ILS stablecoin [MEDIA PARTNERSHIP]

Let’s dive in.

Markets are flat today, holding on to gains from Tuesday’s relief rally on potential peace talks with Iran. BTC is trading just below $75K and ETH is around $2,350.

Tether is dominating headlines this week. After launching its wallet product, the largest stablecoin issuer revealed today that it has swooped in to rescue Drift, the Solana-based perp DEX that was hacked for over $270M in crypto earlier this month. Tether is providing the platform with $127.5M in capital support, which will be “introduced progressively and aligned with performance.” On the other end of the deal, Tether’s USDT will replace USDC as the primary settlement asset on Drift going forward.

In Ethereum land, the Ethereum Foundation is losing two more long-term employees, who both separately announced their departures this week after 5 years with the foundation. While neither spoke badly of the EF, the departures follow over a year of leadership, policy and culture shakeups at the org.

Finally, in TradFi, one of the largest U.S. brokerage firms, Charles Schwab ($12T+ in AUM) is keeping its promise to launch its retail crypto platform in H1 2026. Schwab Crypto will begin its rollout in the coming weeks and let clients trade spot BTC and ETH within the brokerage’s desktop and mobile versions.

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Quantum Could Break Bitcoin Sooner Than We Thought | Alex Pruden

In this episode of The Defiant Podcast, Camila Russo sits down with Alex Pruden, co-founder and CEO of Project 11, to unpack what the latest quantum breakthroughs actually mean for Bitcoin, Ethereum, and the broader crypto ecosystem.

Alex explains why the latest research matter, how quantum computers could use Shor’s algorithm to break the cryptography behind blockchain ownership, why exposed public keys are especially vulnerable, and what “Q-Day” could look like if the industry is unprepared.

Tether Commits $127.5M to Drift Protocol Recovery Plan Following $270M+ Exploit

Tether announced a strategic collaboration with Drift Protocol on Thursday, April 16, to support user recovery and facilitate the platform's relaunch following the exploit earlier this month. The USDT issuer will provide the bulk of a planned nearly $150M in capital support.

Why it matters: The move is strategic, especially for Tether: in exchange for the capital support, Drift is implementing USDT as the its settlement asset, replacing Tether’s primary rival, USDC.

Two Long-Time Ethereum Foundation Contributors Announce Departures

Josh Stark, a member of the EF's leadership team, and Trent Van Epps both separately announced this week that they are leaving the foundation after five years of service.

Why it matters: The departures of Stark and Van Epps are the latest in a string of significant leadership shifts at the Ethereum Foundation that have unfolded since early 2025.

Charles Schwab Announces Rollout of Spot BTC and ETH Trading for Retail Clients

Charles Schwab, which manages over $12 trillion in assets, announced the planned launch of its spot crypto trading platform, Schwab Crypto, offering Bitcoin and Ethereum trading to Schwab’s retail clients from within the brokerage’s existing platform.

Why it matters: The move marks a strategic shift from Schwab's previous indirect crypto exposure through ETFs, funds, and derivatives.