Stablecoin giant Circle is launching a native version of USDC on derivatives exchange Hyperliquid and has become a direct shareholder through the acquisition of HYPE tokens, according to an announcement made on Tuesday.
This deep integration, announced by CEO Jeremy Allaire, begins on Hyperliquid's HyperEVM network and will expand to HyperCore, accompanied by the rollout of Circle's cross-chain transfer protocol.
The move consolidates USDC's dominant position on the platform, which already has nearly $6 billion in USDC reserves.
Hyperliquid has confirmed that established stablecoins, such as USDC, will continue to be supported as quote assets, provided they meet specific participation and liquidity requirements, a threshold that will likely ensure Circle's new participation.