Circle, the renowned stablecoin issuer behind USDC, is making a strategic expansion into the Hyperliquid ecosystem. This move includes a significant investment and the rollout of USDC as a native token on Hyperliquid’s smart contract layer, HyperEVM, intensifying the stablecoin competition within the network.
Recent announcements confirmed that Circle has become a direct holder of Hyperliquid’s native cryptocurrency, Hyperliquid (HYPE), and is considering the role of a network validator. This involvement highlights Circle’s commitment to supporting the decentralized infrastructure of Hyperliquid.
Having gone public on June 5, Circle backs USDC—a stablecoin pegged 1:1 to the US dollar. USDC’s native deployment on HyperEVM aims to facilitate seamless USDC deposits into Hyperliquid’s spot and perpetual exchange on its HyperCore platform.
A Circle spokesperson emphasized that the USDC native launch follows their roadmap to deepen integration with Hyperliquid, confirming ongoing strategic collaboration.
Hyperliquid, a rapidly growing DeFi ecosystem, is known for its derivative trading platform. Just months after launching its layer-1 network, the protocol achieved a remarkable $330 billion in monthly trading volume, underscoring its rising prominence.
The protocol also recently initiated a stablecoin partner competition to develop its own native stablecoin, USDH. Key players including Paxos, Frax, Sky, Agora, Ethena, OpenEden, BitGo, and Native Markets have submitted bids to participate.
Hyperliquid’s validators play a crucial role by staking HYPE tokens to secure the blockchain, validate transactions, and govern the ecosystem. The validator set consists of the top 21 stakeholders, ensuring network integrity.
Currently, approximately 430 million HYPE tokens are staked, with leading validators such as Galaxy Digital, Flowdex, and the Hyper Foundation contributing to protocol development.
DeFi Growth in 2025
Decentralized finance continues to expand this year, driven by innovations like real-world asset tokenization and digital asset treasuries. Total value locked across DeFi protocols has surged by 35%, reaching $158 billion, reflecting increased adoption.
Interestingly, memecoin trading has reemerged, with platforms like Pump.fun reporting daily volumes surpassing $1 billion, illustrating renewed market enthusiasm.
For more detailed coverage of the evolving DeFi landscape and stablecoin developments, stay tuned to Coinstelegram’s expert reports and updates.
