Circle Expands USDC Reach on Hyperliquid’s HyperEVM Chain
Circle has made a significant move to expand the reach of its native USDC stablecoin by launching it on Hyperliquid’s HyperEVM chain. This development includes the introduction of the upgraded Cross-Chain Transfer Protocol (CCTP v2), allowing for seamless movement of USDC across multiple supported blockchain networks.
The native launch of USDC on HyperEVM eliminates the need for wrapped versions of the stablecoin, streamlining processes for trading, minting, and cross-chain transfers. Circle has also hinted at upcoming enhancements to USDC, such as direct deposit and full interoperability via HyperCore, which will improve speed and accessibility for developers and decentralized applications (dApps) within the ecosystem.
In addition to the technical advancements, Circle is set to offer tools and incentive programs for builders on HyperEVM and HIP-3. This move aligns with Circle’s broader vision of creating a “full-stack internet financial platform” to facilitate the transition of global finance onto the blockchain, with the ultimate goal of enabling trillions of dollars in economic activity.
As part of its deeper integration with Hyperliquid, Circle has taken a direct stake in the network by acquiring HYPE tokens. While the exact amount of tokens purchased remains undisclosed, Circle has expressed interest in potentially assuming a validator role to contribute to network security and governance.
The Hyperliquid ecosystem has been experiencing rapid growth, with monthly revenue reaching approximately $106 million and total value locked on the Layer-1 platform surpassing $670 million. Notably, Hyperliquid has emerged as a highly efficient company, achieving significant revenue with a lean team of just 11 employees.
The native HYPE token of Hyperliquid has also seen substantial growth, reaching an all-time high near $57 and maintaining daily trading volumes exceeding $500 million. Demand for staking and governance participation has solidified the role of HYPE in the network’s economy.
Circle views Hyperliquid’s progress as impressive and believes that its investment and USDC launch will further fuel growth. The company is committed to collaborating with the Hyperliquid community, expanding investments, and forming partnerships to drive adoption.
Separately, Hyperliquid’s USDH stablecoin has been gaining attention, with Native Markets winning the USDH ticker after a competitive launch process. The USDH stablecoin is set to launch in the near future, starting with limited transactions before expanding to include a USDH/USDC trading pair.
Overall, Circle’s strategic moves on Hyperliquid’s HyperEVM chain signify a deepening commitment to expanding the reach and utility of USDC within the DeFi ecosystem. With a focus on innovation and collaboration, Circle aims to play a key role in shaping the future of decentralized finance.