Stablecoin issuer Circle appears set to deepen its role in decentralized finance by preparing a native launch of USD Coin (USDC) on Hyperliquid’s Layer 1 chain, HyperEVM.
On Sept. 12, blockchain researcher MLM Blockchain flagged test transactions involving USDC on HyperEVM’s mainnet, suggesting that a native deployment could roll out in the coming weeks.
Adding to speculation, the same wallet connected to Circle recently acquired about $5 million worth of Hyperliquid’s HYPE token.
The purchase reinforced the view that Circle is positioning itself more deeply in the Hyperliquid ecosystem. If the launch goes live, HyperEVM would join 24 other networks that already support USDC, including Ethereum, Solana, and the XRP Ledger.
Circle’s USDC is the second-largest stablecoin in the industry, with a market capitalization of more than $72 billion. Hyperliquid, on the other hand, is the dominant decentralized perpetual exchange, controlling more than 60% of the market.
USDC situation on
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