Circle Invests in HYPE Token and Launches Native USDC on Hyperliquid and

Circle, the issuer of the USDC stablecoin, officially launched native USDC and Cross-Chain Transfer Protocol version 2 (CCTPv2) on Hyperliquid's HyperEVM network. Tecomehe Boston-based company announced it has become a direct stakeholder in the Hyperliquid ecosystem through its first HYPE token investments and is evaluating becoming a Hyperliquid validator.

The integration brings USDC's global liquidity infrastructure to Hyperliquid, a decentralized perpetual exchange that has gained significant traction in the crypto derivatives market. Circle said it will enable direct deposits and CCTP interoperability for Hyperliquid USDC on HyperCore in the coming weeks.

Circle's expansion into Hyperliquid comes as the platform has emerged as a major competitor in decentralized finance. The company described Hyperliquid as "one of the most impressive communities and platforms in the entire crypto ecosystem" after months of engagement with the core team and developers building on HyperEVM and HIP-3 protocols.

The partnership represents Circle's broader strategy to expand USDC's reach across emerging blockchain networks. Circle has spent nearly eight years building what it calls a "digital dollar dial tone" with primary liquidity infrastructure spanning major financial centers including the US, UK, EU, Singapore, Hong Kong, Brazil, Japan, and soon the UAE. The company has minted and redeemed over $1 trillion in USDC throughout its history.

The timing of Circle's expansion coincides with Hyperliquid's preparation to launch its own USDH stablecoin, which could potentially compete with USDC for market share. Hyperliquid recently opened governance voting for USDH development, with Native Markets securing over 70% stakeholder approval for the project.

Circle emphasized that its approach focuses on ecosystem collaboration rather than zero-sum competition. The company announced dedicated incentive programs for HyperEVM and HIP-3 builders and made its public SDKs and APIs available for Hyperliquid developers.

The integration provides Hyperliquid users access to USDC's extensive secondary liquidity, including availability across major exchanges and conversion capabilities in over 185 countries. Circle noted that recent trading data shows BTC/USDC liquidity on major platforms has tightened significantly, with spreads within 0.2 basis points on Binance spot markets.

Circle's move into Hyperliquid reflects the broader trend of traditional crypto infrastructure providers expanding into emerging DeFi platforms. As a publicly traded company, Circle stated it seeks to build long-term shareholder value by investing in distribution and partnerships across the evolving internet financial system.  

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