Circle’s USDC is headed to Hyperliquid in an integration poised to streamline stablecoin transfers across several chains. Both entities have recorded meteoric growth metrics over the last month, with Hyperliquid’s AUM surging to $5.5 billion in July.
Circle To Introduce Native USDC On Hyperliquid Via CCTP v2
According to a blog post by stablecoin issuer Circle, its native USDC will make its debut on Hyperliquid in the near term. Circle revealed that the integration will lean on its Cross-Chain Transfer Protocol (CCTP v2), allowing native USDC to move securely across multiple blockchains.
Per the arrangement, Hyperliquid users will not require wrapped tokens or custodial bridges to move native USDC. With Circle’s CCTP v2, developers will be able to build apps for cross-chain onboarding, swaps, and treasury rebalancing, among other use cases.
Meanwhile, Hyperliquid users can use native USDC as collateral for trading perpetuals or as the quote asset for spot pairs. However, the disclosure did not reveal a launch date for the integration as both mainnet and testnet addresses remain under wraps. Amid the announcement, CoinMarketCap data shows that the HYPE price has surged 3% in the last 24 hours.
The stablecoin issuer has pursued a string of deals since the start of the month, with Circle striking a partnership with Ant Group for USDC integration in mid-July. Back in June, Circle integrated native USDC and CCTP v2 with Sam Altman’s World Chain. The stablecoin issuer also launched USDC on the XRP Ledger during that period.
USDC AuM Surges To $5.5 Billion
Amid the announcement of the imminent launch of USDC on Hyperliquid, it is worth mentioning that the network is already capturing 70% of USDC on Arbitrum.
Due to the absence of the stablecoin on the network, traders usually have to transfer USDC through the Arbitrum network when they intend to trade on the Hyperliquid decentralized exchange (DEX). Arbitrum USDC on the network has surged from $4 billion to $5.5 billion this month, with the stablecoin on the DEX growing by $1.2 billion.
Hyperliquid has been a beehive of activity over the last month, hitting a $10.6 billion open interest as HYPE set an ATH. The decentralized exchange recently expanded to the Solana ecosystem with a Phantom partnership to enable in-wallet leveraged crypto trading.
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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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