Circle is preparing to launch native USDC on Hyperliquid.

robot
Abstract generation in progress

Circle is said to be launching a native USDC on Hyperliquid Layer 1 (HyperEVM), after test transactions on the mainnet were detected on September 12. Notably, the wallet associated with Circle also just purchased 5 million USD worth of HYPE tokens, reinforcing speculation about this move.

If implemented, HyperEVM will become the 25th network to support USDC, alongside Ethereum, Solana, and XRP Ledger. Currently, Hyperliquid accounts for over 60% of the decentralized derivatives exchange market share, while USDC has a market capitalization of over 72 billion USD.

However, Circle will have to face competition from the upcoming USDH stablecoin from Hyperliquid. According to DeFiLlama, Hyperliquid is holding about 5.77 billion USD USDC (8% supply), bringing Circle up to 200 million USD in annual revenue – an amount that could be threatened if liquidity shifts to USDH.

USDC-0.03%
HYPE0.73%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)