Circle, the issuer of USDC, announced the launch of native USDC and its Cross-Chain Transfer Protocol (CCTP) V2 on Hyperliquid's Layer 1 blockchain on July 31, 2025. This integration enables direct stablecoin transfers within Hyperliquid's ecosystem, enhancing cross-chain efficiency and DeFi utility.
Hyperliquid—a decentralized exchange managing over $5.5 billion in assets—is known for high-speed on-chain trading. CEO Jeremy Allaire stated: "Circle’s CCTP V2 allows developers to securely transfer native USDC between Hyperliquid and supported blockchain networks." The announcement triggered an immediate 3% price surge for Hyperliquid's native token, HYPE.
Historical precedents, such as USDC integrations on Arbitrum and Optimism, suggest this could boost Total Value Locked (TVL), reduce bridging risks, and improve capital efficiency. The move aligns with Circle's strategy to expand USDC's multi-chain presence, potentially accelerating DeFi adoption on Hyperliquid.