Circle has announced it will be launching USDC on Hyperliquid and integrating CCTP V2 on HyperEVM, according to its blog.
The stablecoin issuer is looking to bring $USDC natively onto the popular perpetual swaps and defi platform.
With currently over $2.6B in TVL (Total Value Locked), Hyperliquid has experienced incredible surge since December 2024, and is responsible for nearly $6B of the total circulating $USDC supply on the market, which also heavily accounts for 95% of its own stablecoin volume (see DefiLlama).
With this, $USDC can be natively minted on the chain and support collateral for trades, as before this users were bridging from third parties.
Following the recent public validator voting within the Hyperliquid ecosystem, during which a myriad of stablecoin issuers had submitted proposals for the stablecoin ticker USDH, Circle had not provided a proposal, instead staying committed to growing the ecosystem through a native onchain integration.
