tl;dr
Circle has partnered with Hyperliquid to integrate its stablecoin USDC into Hyperliquid’s blockchain ecosystem using Circle’s Cross-Chain Transfer Protocol (CCTP v2), enabling seamless USDC transfers across multiple blockchains. This integration aims to enhance ecosystem growth and simplifies transf...
Circle has announced a strategic partnership with Hyperliquid to introduce its stablecoin USDC into Hyperliquid’s high-performance blockchain ecosystem. This collaboration aims to streamline stablecoin transfers across multiple blockchains by leveraging Circle’s Cross-Chain Transfer Protocol (CCTP v2). Circle revealed that native USDC will soon be live on Hyperliquid, allowing seamless and efficient movement of USDC across supported chains.
This integration is expected to significantly boost ecosystem growth, with Hyperliquid’s assets under management (AUM) reaching $5.5 billion in July. The partnership addresses the growing demand for interoperable and high-speed decentralized finance (DeFi) infrastructure. Additionally, it simplifies developers' tasks by enabling transfers of Circle’s native USDC without the need for wrapped tokens or centralized bridges—both of which are lengthy processes. Instead, users can utilize CCTP v2’s streamlined system for cross-chain integrations, swaps, and treasury rebalancing activities.
Circle highlighted some practical advantages for Hyperliquid users, such as using USDC as collateral for trading open-ended contracts and as a quote asset for spot pairs. Although the exact launch date for USDC on Hyperliquid was not disclosed, analysts speculate possible delays related to mainnet and testnet address releases. Despite this, the announcement contributed to a 3% price increase in Hyperliquid’s native token, HYPE, over the past 24 hours.
This partnership is part of Circle’s broader strategy of expanding USDC across various platforms. Recent collaborations include ones with Ant Group and Sam Altman’s World Chain, alongside the USDC launch on the XRP Ledger via CCTP integration. Notably, USDC’s arrival on Hyperliquid differs from past launches because while 70% of stablecoins, including USDC, are accessible on the Arbitrum network within Hyperliquid’s system, USDC itself was not available natively. Traders previously had to route transfers through Arbitrum, resulting in increased USDC volume on Arbitrum from $4 billion to $5.5 billion, with stablecoins on DEX rising by about $1.2 billion.
Hyperliquid has actively expanded its footprint, focusing on stablecoin and Solana partnerships. One key partnership with Phantom allows users to trade cryptocurrencies with leverage directly from their wallets. Circle chose Hyperliquid for its robust decentralized finance platform, citing two standout features: HyperCore, offering a fast, native order book DEX, and HyperEVM, which supports general-purpose smart contracts with access to HyperCore’s liquidity.