Circle to Launch USD Coin on Hyperliquid’s Layer 1 Chain
- Circle plans to launch a native version of USD Coin (USDC) on Hyperliquid’s Layer 1 chain, HyperEVM.
- Test transactions for USDC on HyperEVM’s mainnet were flagged on September 12 by blockchain researcher MLM Blockchain.
- Circle recently acquired approximately $5 million in Hyperliquid’s HYPE token, indicating deeper involvement in the ecosystem.
- USDC is currently the second-largest stablecoin with a market cap exceeding $72 billion, while Hyperliquid controls over 60% of the decentralized perpetual exchange market.
- Hyperliquid has around $5.773 billion in USDC supply, representing about 8% of all USDC in circulation.
Circle’s upcoming launch follows CEO Jeremy Allaire’s commitment to becoming a significant player within the Hyperliquid ecosystem, which is also introducing its own stablecoin, USDH. This competition could impact Circle’s revenue significantly if liquidity shifts away from USDC.
If launched successfully, this move would further integrate USDC into a network that already includes Ethereum and Solana among its support platforms.(Source)
