Stablecoin issuer Circle (ticker CRCL) is bringing a native version of its dollar-pegged USDC token to the largest decentralized derivatives trading platform, Hyperliquid. The move comes as Circle becomes a “direct stakeholder” via its first HYPE token investment.
The integration will begin by rolling out USDC on Hyperliquid’s Ethereum-compatible HyperEVM network on Tuesday with plans to expand to HyperCore in the coming weeks, Circle CEO Jeremy Allaire wrote in a blog post. Additionally, Circle is integrating its upgraded Cross-Chain Transfer Protocol (CCTP v2) into Hyperliquid.
USDC is currently the dominant dollar-backed stablecoin on Hyperliquid, with nearly $6 billion worth of USDC reserves held by the platform, according to DefiLlama data.
Circle’s move also closely follows a contentious, week-long competition to launch a “Hyperliquid-first, Hyperliquid-aligned, and compliant USD stablecoin” native to the platform under the ticker USDH.
Native Markets, a startup co-founded by an early Hyperliquid contributor, won the bid to manage Hyperliquid’s USD reserves and issue USDH. USDH will be released in a staged rollout on HyperEVM, beginning with a small-scale testing phase before opening a USDH/USDC spot pair.
When announcing the winning bid, Hyperliquid confirmed that USDC and other stablecoins would continue to be supported on Hyperliquid as quote assets if they met certain thresholds, including a 200,000 HYPE stake (worth about $10 million), a robust $1 peg mechanism, and minimum depth against USDC and HYPE.
HYPE is trading around $53.81 with a market capitalization of $14.6 billion, according to The Block’s price page.
Native integration
Circle’s native integration will lower the barrier for HyperEVM users to transfer USDC across over a dozen supported networks, facilitating cross-chain exchanges. Moreover, the CCTP v2 and planned HyperCore support enables “fintechs, on- and off-ramp providers, and other services” to integrate with Hyperliquid.
The stablecoin issuer also has a “comprehensive program” to work with HIP-3 and HyperEVM developers as well as “a new set of dedicated incentive programs” to encourage USDC usage. It is also “evaluating the possibility of becoming a Hyperliquid Validator” and other ways to contribute to the ecosystem.
“We are seeking to build long-term shareholder value, and that means investing in products and distribution as we work towards an internet economy that ultimately could support hundreds of trillions of dollars in economic activity,” Allaire said.
In June, Circle listed on the NYSE in one of the year’s hottest initial public offerings. The company sold 34 million shares to raise $1.1 billion and saw its stock close over 200% on its first trading day. Some analysts, however, have since soured on the stock given the growing competition among stablecoin issuers following the passage of the GENIUS Act as well as Circle’s rising distribution costs.
USDC is live on approximately two dozen networks like Algorand, Aptos, Arbitrum, Avalanche, Base, Celo, Codex, Ethereum, Hedera, Linea, NEAR, Noble, OP Mainnet, Polkadot, Polygon PoS, Sei, Solana, Sonic, Stellar, Sui, Unichain, World Chain, XRP Ledger, and ZKsync. There is over $73 billion worth of USDC in circulation.
Hyperliquid is by far the largest onchain derivatives platform, accounting for nearly $15o billion worth of September’s monthly transaction volumes out of nearly $200 billion total, for instance, according to The Block’s data. That said, while Hyperliquid may outcompete other onchain trading platforms, it still pales in comparison to centralized exchange Binance’s perpetual options business.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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