Hyperliquid’s stablecoin race drew bids from Agora, Paxos, and Frax this week, but another headline move is Circle’s plan to deploy native USDC and Cross-Chain Transfer Protocol (CCTP) V2 on Hyperliquid.
Circle to Launch Native USDC and CCTP V2 on Hyperliquid as USDH Bids Roll In
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Allaire Signals Big Bet on Hyperliquid With Native USDC, CCTP V2
Circle disclosed that native USDC and CCTP V2 will launch on HyperEVM, enabling USDC deposits into HyperCore and access for any HyperEVM application. Hyperliquid is essentially a high-performance blockchain built for decentralized finance (DeFi), combining Hypercore’s onchain order book and risk engine with HyperEVM for general-purpose smart contracts.
According to Circle, native USDC on Hyperliquid will offer a fully reserved digital dollar redeemable 1:1 for U.S. dollars. USDC is issued by regulated affiliates of Circle, and Circle Mint—available to institutions—provides on- and off-ramps for eligible users. Circle said it will redeem USDC in compliance with MiCAR and noted that Circle Mint remains institution-only.
CCTP V2 is designed to let users move native USDC securely between Hyperliquid and supported blockchains with 1:1 capital efficiency, removing the need for wrapped assets. Circle said developers can use CCTP V2 to power cross-chain onboarding, swaps, purchases, and treasury rebalancing while maintaining a simplified user experience.
For Hyperliquid’s trading stack, native USDC is positioned as collateral for perpetuals and as a quote asset for spot pairs. Circle added that builders can integrate USDC into HyperEVM apps for fast settlement and straightforward cross-chain transfers.
Circle co-founder and CEO Jeremy Allaire framed the push as a major entry into the ecosystem. “Don’t Believe the Hype … We are coming to the HYPE ecosystem in a big way. We intend to be a major player and contributor to the ecosystem. … Hyper fast native USDC with deep and nearly instant cross chain interoperability will be well received.”
Circle listed “Coming Soon” for mainnet and testnet addresses and said additional launch details will follow. The announcement arrives as Hyperliquid evaluates third-party infrastructure proposals for a separate stablecoin effort, USDH, from Agora, Paxos, and Frax.
