- Circle launches USDC and CCTPv2 on HyperEVM, enabling direct stablecoin access for Hyperliquid users.
- Circle invests in HYPE tokens and explores the validator role, deepening its stake in the Hyperliquid ecosystem.
- The USDH stablecoin launch will compete with USDC, reshaping liquidity flows within the Hyperliquid network.
Circle has announced its investment in the Hyperliquid ecosystem and the rollout of native USDC on HyperEVM. The move comes just before the launch of USDH, Hyperliquid’s upcoming native stablecoin. In a recent blog post, Circle confirmed the official launch of native USDC and CCTPv2 on HyperEVM. The initiative allows seamless integration of its stablecoin within the Hyperliquid community. The company also revealed plans to enable deposits and CCTP interoperability for Hyperliquid USDC on HyperCore in the coming weeks.
Alongside the product rollout, Circle disclosed its first investment in the HYPE token, becoming a direct stakeholder in the network. The firm is also working closely with HyperEVM builders and evaluating participation as a validator. According to Circle, its team has spent months engaging with the Hyperliquid core team and community developers.
Previously, users relied on bridging USDC from Arbitrum to access the stablecoin on Hyperliquid DEX. The new integration simplifies this process by enabling native USDC transactions within the ecosystem.
Competition From USDH Stablecoin
The announcement arrives as Hyperliquid prepares to launch USDH, its native stablecoin. USDH will compete directly with USDC, which has been the primary stablecoin on Hyperliquid. Market observers note that USDH could redirect significant liquidity away from USDC once it goes live.
Despite the development, HYPE’s token price declined in the past 24 hours, trading around $53. However, the token remains up more than 5% over the past week. Analysts suggest the USDH launch could potentially drive HYPE toward higher price levels, with forecasts pointing to $72 as a possible target.
Market Response and Industry Views
Industry figures described Circle’s move as a major milestone for Hyperliquid. VanEck’s Matthew Sigel called it a validation of HyperEVM as an independent layer-1 network. Meanwhile, trader DeFiyst said the step could be an effort to protect USDC liquidity before the USDH release.
Market commentators also noted the potential impact on HYPE’s growth. Some expect Circle’s involvement to encourage more builders and companies to engage within the Hyperliquid ecosystem, following a strong response to the recent USDH governance vote.
