Circle integrates USDC natively on Hyperliquid’s HyperEVM, adds CCTP v2, invests in HYPE token, and eyes validator role amid stablecoin competition.

Contents

Circle integrates native USDC into Hyperliquid with HYPE backing

Stablecoin issuer Circle (CRCL) is launching a native version of its USDC token on Hyperliquid, the largest decentralized derivatives exchange. This marks the first time Circle has become a direct participant in the ecosystem through an investment in the HYPE token.

USDC comes to HyperEVM

The integration launches this week on HyperEVM, Hyperliquid’s Ethereum-compatible network, with plans to expand to HyperCore in the coming weeks. Circle is also enabling Cross-Chain Transfer Protocol v2 (CCTP v2), making it easier to move USDC between more than 20 blockchains.

According to DeFiLlama, the platform already holds nearly $6 billion USDC, making it the dominant stablecoin in the system.

USDH competition

The move comes after a heated battle to launch a new stablecoin, USDH, centered on Hyperliquid. Native Markets, a startup founded by one of Hyperliquid’s early adopters, won the bid and will soon launch USDH with support for a USDH/USDC spot pair.

Hyperliquid confirmed that USDC and other stablecoins will remain key assets if they meet the following criteria: 200,000 HYPE stakes (≈$10 million), a reliable $1 peg, and sufficient liquidity against USDC and HYPE.

Circle expands role in the ecosystem

Circle plans to:

collaborate with HIP-3 and HyperEVM developers;
launch new incentive programs for USDC;
possible participation as a Hyperliquid Validator.

“We are committed to building long-term shareholder value and working to build an internet economy that can support hundreds of trillions of dollars of activity,” said CEO Jeremy Aller.

Context

Circle successfully launched its IPO on the NYSE in June, raising $1.1 billion, but growing competition following the GENIUS Act is pushing the company to aggressively expand.

Hyperliquid, meanwhile, is solidifying its leadership in on-chain derivatives: in September, the exchange processed $150 billion in volume — several times more than its closest competitors, although it is behind centralized giant Binance.