Circle Launches USDC on Hyperliquid’s HyperEVM Network
- Circle announced the rollout of native USDC and Cross-Chain Transfer Protocol (CCTP v2) on Hyperliquid’s HyperEVM network on Sept. 16.
- The integration allows users to transfer USDC across over a dozen supported networks, enhancing cross-chain movement for developers and traders.
- Hyperliquid now accounts for approximately 14% of Binance’s trading volume and generates around $30 million in weekly fees.
- About 7% of the total USDC supply is currently on the Hyperliquid network, indicating its significance as a partner for Circle.
- Circle has made its first investments in HYPE tokens and is considering becoming a validator on the network.
This strategic move by Circle aims to enhance interoperability within the Web3 ecosystem while positioning itself against potential competition from new stablecoins like USDH, which could impact revenue significantly.
With approximately 7% of USDC already on Hyperliquid, Circle’s integration reflects its commitment to expanding its market presence amid growing competition.(Source)
