Circle has rolled out native USDC and its upgraded Cross-Chain Transfer Protocol (CCTP v2) on Hyperliquid’s HyperEVM network.
Announced on Sept. 16, the integration allows HyperEVM users to transfer USDC across over a dozen supported networks. The move also lowers the barriers for developers, traders, and service providers seeking smoother cross-chain movement of digital dollars.
Circle explained that the rollout, when paired with CCTP v2 and planned HyperCore support, allows fintech firms, payment providers, and decentralized applications to embed stablecoin transfers with greater efficiency.
Integration with Hyperliquid
Beyond the technical deployment, Circle is positioning itself as a direct stakeholder in Hyperliquid’s growth.
The company confirmed it has made its first HYPE token investments and is evaluating whether to operate as a validator on the network.
Circle also outlined plans for incentive programs to attract developers building on HyperEVM and HIP-3, backed by new toolkits and software development kits (SDKs) that simplify USDC integration.
Jeremy Allaire, Circle’s CEO, said these efforts reflect the firm’s broader “big tent” approach to Web3 development, where expanding interoperability benefits every participant in the ecosystem.
According to him:
“Circle is open for business with the Hyperliquid Ecosystem…we are seeking to build long-term shareholder value, and that means investing in products and distribution as we work towards an internet economy that ultimately could support hundreds of trillions of dollars in economic activity.”
Why is Circle embracing Hyperliquid?
Circle’s deeper commitment to Hyperliquid comes during increased growth within the decentralized exchange’s ecosystem.
According to Delphi Digital data, Hyperliquid now handles the equivalent of 14% of Binance’s trading volume, generates roughly $30 million in weekly fees, and has already executed about $100 million in HYPE token buybacks since August.
DeFiLlama data also shows that roughly 7% of all USDC supply already resides on the network, making it a natural partner for the stablecoin issuer.
However, the Hyperliquid team’s plan to launch a native USDH stablecoin has introduced a competitive twist that could impact Circle’s USDC. Analysts warn that if USDH gains traction, Circle could face up to $200 million in annual revenue losses.
Against this backdrop, Circle’s early integration and direct investment in Hyperliquid show a calculated effort to secure its foothold before a rival stablecoin enters the market.
