Circle Introduces Native USDC on Hyperliquid, Expands DeFi Capabilities
Circle, the issuer of the popular USDC stablecoin, has announced the introduction of native USDC on Hyperliquid, a decentralized finance (DeFi) platform. This move aims to reduce friction for commercial, coin, and cross-chain transfers, enabling seamless movement of USDC across multiple blockchain networks. 
The native USDC integration allows users to access the stablecoin without the need for wrapped versions, improving the overall user experience. Circle has also introduced an updated cross-chain transfer protocol (CCTP V2) to facilitate the transfer of USDC across over a dozen supported blockchain networks. This development is expected to accelerate the growth of Hyperliquid, which has already seen significant traction, with a monthly turnover of around $106 million and a total value locked (TVL) of approximately $670 million.
Hyperliquid’s Rapid Growth and Circle’s Investment
Hyperliquid has been gaining attention for its efficiency, with a recent valuation of over $1 billion and a strong demand for its native HYPE token. The token has set an all-time high near $57 and continues to record daily trade volumes over $500 million. Circle’s investment in HYPE tokens marks a significant milestone, as the company becomes a direct stakeholder in the Hyperliquid ecosystem. This investment is expected to further drive growth and adoption of the platform.
The integration of native USDC on Hyperliquid is part of Circle’s broader strategy to build a “full stack internet financial platform.” The company aims to support the transition of global financial chains and enable “hundreds of trillion dollars” in business transactions. With this development, Circle is poised to play a significant role in the rapidly evolving DeFi landscape.
Implications and Future Developments
The introduction of native USDC on Hyperliquid is expected to have far-reaching implications for the DeFi ecosystem. With the ability to access USDC seamlessly across multiple blockchain networks, developers and users can expect improved liquidity, reduced friction, and increased adoption. Additionally, Circle’s investment in HYPE tokens demonstrates the company’s commitment to the Hyperliquid ecosystem and its potential for growth.
As the DeFi space continues to evolve, it will be interesting to see how Circle’s native USDC integration on Hyperliquid shapes the future of stablecoins and cross-chain transfers. With its strong focus on building a comprehensive financial platform, Circle is well-positioned to drive innovation and growth in the industry. For more information on this development, visit https://crypto.news/usdc-goes-live-on-hyperliquid-as-circle-joins-as-stakeholder/
