Stablecoin issuer Circle plans to deploy native USDC and its Cross-Chain Transfer Protocol (CCTP) v2 to Hyperliquid, bringing the U.S. dollar-pegged token’s direct mint/redeem model and Circle’s institutional on-/off-ramps to the derivatives-focused chain.
Until now, Hyperliquid users have relied on third-party bridges to move USDC onto the venue, most recently Orbiter Finance, which enabled deposits directly to Hyperliquid accounts. Native issuance by Circle is designed to replace bridged representations with USDC minted by Circle. At the same time, CCTP v2 lets users move native USDC 1:1 across supported chains by burning on the source network and minting on the destination.
Circle said native USDC also unlocks Circle Mint access for eligible institutions and simplifies app integrations across HyperEVM.
The rollout will occur on HyperEVM, enabling deposits to HyperCore and integration across HyperEVM apps, the company said. Mainnet contract details are “coming soon” according to a Thursday blog post.
Hyperliquid’s USDC base has expanded this year, doubling to over $4.9 billion last week, as onchain perpetuals trading has grown. Native USDC and CCTP v2 are meant to improve that liquidity quality, reduce bridge risk, and streamline treasury rebalancing and cross-chain onboarding for users and builders.
Expanding native support to Hyperliquid also strengthens Circle’s push toward chain-abstracted USDC. The company recently previewed Circle Gateway, a unified USDC balance layer that aims to minimize manual bridging across networks, and has been upgrading ecosystems from bridged to native USDC alongside CCTP v2.
In Hyperliquid-related news, the protocol said this week’s API outage stemmed from a traffic spike rather than a hack, and the team plans automated refunds for impacted users.
© 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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