Hyperliquid Heats Up: Circle Brings Native USDC, HYPE Jumps!

USDC, the stablecoin issued by Circle, is coming to Hyperliquid. This integration aims to simplify how users move the stablecoin across various blockchain networks. Both Circle and Hyperliquid have seen substantial growth recently, with Hyperliquid’s assets under management (AUM) reaching $5.5 billion in July.

Native USDC Integration on Hyperliquid via CCTP v2

According to an announcement from Circle, native USDC will soon be available on Hyperliquid. The integration will use Circle’s Cross-Chain Transfer Protocol (CCTP v2), which facilitates secure transfers of native USDC across different blockchains.

With this implementation, Hyperliquid users will be able to move native USDC without needing wrapped tokens or relying on custodial bridges. Circle’s CCTP v2 will enable developers to create applications for cross-chain onboarding, token swaps, treasury management, and other functionalities.

Hyperliquid users will then be able to utilize native USDC as collateral for trading perpetual contracts or as the base currency for spot trading pairs. A specific launch date for the integration has not yet been announced, and mainnet and testnet addresses are still confidential. Following the announcement, data from CoinMarketCap indicates that the price of HYPE has increased by 3% in the past 24 hours.

Circle has been actively pursuing partnerships, including a collaboration with Ant Group for USDC integration in mid-July. In June, Circle integrated native USDC and CCTP v2 with World Chain, associated with Sam Altman. Additionally, Circle launched USDC on the XRP Ledger during the same period.

Hyperliquid Captures Significant USDC Volume

Notably, Hyperliquid already accounts for a substantial portion of USDC activity on Arbitrum, despite not having native USDC support yet.

Currently, traders often need to transfer USDC through the Arbitrum network to trade on the Hyperliquid decentralized exchange (DEX). The amount of USDC on Arbitrum used on Hyperliquid has grown from $4 billion to $5.5 billion this month, with the DEX contributing $1.2 billion of that growth.

Hyperliquid has seen high levels of trading activity recently, reaching $10.6 billion in open interest as the price of HYPE reached a new all-time high. The DEX also recently expanded its services to the Solana ecosystem through a partnership with Phantom wallet, allowing users to trade crypto with leverage directly from their wallets.

Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

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