Circle launches native USDC on Hyperliquid alongside bridged version

Circle announced its expansion on the Hyperliquid chain, with a native version of USDC. The asset will be added to the existing bridged USDC, expanding Circle’s influence. 

Circle, Inc. announced the launch of a native USDC version on the Hyperliquid native chain. The version will be added to the balance of bridged USDC, at over $5.9B. The decision to integrate Circle breaks away from the scenario where USDC abandons Hyperliquid, to be replaced completely by USDH. The recent decision will mean both stablecoins will coexist on the perpetual futures DEX.

Jeremy Allaire, co-founder of Circle, announced that USDC would expand with a HyperEVM version, in addition to a CCTP V2 facility for cross-chain transfers. Circle will also become one of the chain’s stakeholders after acquiring a share of HYPE tokens. 

The native version was announced just a day after Hyperliquid’s team prepares to launch the USDH ticker. As Cryptopolitan reported, Hyperliquid picked the Native Markets team to launch the token. 

Hours before the announcement, Circle also bridged 2M USDC from Arbitrum to HyperEVM, though the amount was relatively small compared to the scale of Hyperliquid’s trading. 

The partnership with Circle also calms the fears of USDC being transferred out of Hyperliquid. For now, the USDC token remains the main source of liquidity and pair-building. The main stablecoin on Hyperliquid may result in up to $200M in fees for the issuer. The future liquidity and growth of Hyperliquid will show if USDC and USDH are complementary or will be competing for attention. 

As the issuer of a native asset, Circle secured its position within the Hyperliquid ecosystem. As one of the major assets, Circle may receive a significant share of fees from trading activity. Staking HYPE may also boost the revenues of Circle from the ecosystem. Until recently, USDT and USDC were not subjected to staking requirements due to the well-established liquidity and influence of the tokens. 

Until September 2025, Circle held 8.20% of its supply of USDC on Hyperliquid. The issuer earned up to $109M to date from bridging and USDC usage. It remains to be seen how the native USDC will affect the activity of the Arbitrum-Hyperliquid bridge, which was the main point of entry for USDC into the Hyperliquid ecosystem.

USDC measures Hyperliquid liveliness

USDC deposits give a glimpse of the activity on Hyperliquid. The token has become a proxy for whale activity, as well as the liquidity trends on the exchange. 

USDC deposits became more frequent in September, though transferring lower amounts. | Source: Dune Analytics

Deposits range from up to $49M for some of the biggest whales to a few hundred dollars for regular traders. In September, USDC inflows increased, with more regular deposits. The average deposit size is at a lower baseline of $18,150, as an average between whales and small-scale users. The bulk of deposits is for under $400 in USDC.

Circle’s CCTP feature may also change the way Hyperliquid traders are depositing and moving USDC. The token is interoperable across the crypto ecosystem, meaning traders can shift the tokens more easily to another network. Circle will offer easier liquidity flows and faster cross-chain operations, potentially bringing users from multiple ecosystems. 

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