Circle is working on integrating the USDC stablecoin and the CCTP V2 protocol into the Hyperliquid blockchain ecosystem, enabling cross-chain transactions and the use of the asset in trading and financial applications.
Circle announced the upcoming launch of native USDC and the cross-chain transfer protocol CCTP V2 in the Hyperliquid blockchain ecosystem. The integration will allow direct deposits and withdrawals of USDC via HyperEVM and provide access to HyperCore liquidity, the core infrastructure of the ecosystem that powers the decentralized exchange and general-purpose smart contracts.
Key use cases for USDC in Hyperliquid include:
- trading derivatives and spot markets;
- using stablecoins as trading collateral;
- building applications with fast settlement and reliable cross-border transfers.
The updated CCTP V2 protocol will allow users to move native USDC between Hyperliquid and other supported blockchains while preserving the full value of the assets. This lays the foundation for cross-chain use cases ranging from onboarding and exchange operations to treasury management and purchases.
For institutional users, Hyperliquid will provide access to the Circle Mint service, enabling direct conversion between USDC and U.S. dollars.
Jeremy Allaire, CEO of Circle, confirmed plans for integration with the Hyperliquid ecosystem and emphasized that the company intends to become a major participant in the ecosystem, strengthening its position in the decentralized finance sector.
Smart contract addresses for USDC on both the mainnet and testnet are expected to be officially published later, but an on-chain analyst known as MLM already discovered test transactions of the stablecoin on the HyperEVM mainnet. He also revealed that a crypto address linked to Circle acquired $4.6 million worth of HYPE tokens.
The intensified activity by Circle comes amid growing hype around Hyperliquid’s launch of its own U.S. dollar stablecoin, USDH. Eight issuers competed for the right to issue the asset, including Circle, but in a community vote the role was awarded to Native Markets.
