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Circle is preparing to launch native USDC on Hyperliquid.
Circle is said to be launching a native USDC on Hyperliquid Layer 1 (HyperEVM), after test transactions on the mainnet were detected on September 12. Notably, the wallet associated with Circle also just purchased 5 million USD worth of HYPE tokens, reinforcing speculation about this move.
If implemented, HyperEVM will become the 25th network to support USDC, alongside Ethereum, Solana, and XRP Ledger. Currently, Hyperliquid accounts for over 60% of the decentralized derivatives exchange market share, while USDC has a market capitalization of over 72 billion USD.
However, Circle will have to face competition from the upcoming USDH stablecoin from Hyperliquid. According to DeFiLlama, Hyperliquid is holding about 5.77 billion USD USDC (8% supply), bringing Circle up to 200 million USD in annual revenue – an amount that could be threatened if liquidity shifts to USDH.