Circle’s Bold Move: Native USDC and CCTP V2 Set to Shake Up Hyperliquid’s Stablecoin Scene

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It seems Hyperliquid’s stablecoin race has become quite the spectacle, drawing bids from Agora, Paxos, and Frax this week. Yet, in the midst of it all, Circle has pulled a rather headline-grabbing stunt, announcing its plan to deploy native USDC and the highly anticipated Cross-Chain Transfer Protocol (CCTP) V2 on Hyperliquid. Such bold ambition, I dare say, demands a round of applause, if not a standing ovation.

Circle’s Allaire: Betting Big on Hyperliquid with USDC and CCTP V2

Circle, in its infinite wisdom, has revealed that native USDC and CCTP V2 will soon grace HyperEVM, ushering in the ability to make USDC deposits into HyperCore and allowing access to any application built on HyperEVM. One might say Hyperliquid is akin to a high-performance blockchain, designed specifically for decentralized finance (DeFi), fusing the order book and risk engine of Hypercore with the capabilities of HyperEVM for versatile smart contracts.

Now, according to Circle, this native USDC will serve as a fully reserved digital dollar, redeemable 1:1 for real U.S. dollars, no funny business here. USDC is issued by regulated affiliates of Circle, and through Circle Mint-available exclusively to institutions-users can easily hop on and off the USDC train. And as for compliance? Don’t worry, Circle has assured us that they’re keeping everything up to snuff with MiCAR regulations, though Circle Mint remains institution-only, so don’t get any ideas.

Now, let us talk about the truly remarkable CCTP V2, designed to allow users to move native USDC with absolute security between Hyperliquid and supported blockchains-effortlessly and with 1:1 capital efficiency. Gone are the days of wrapped assets, it seems. Developers, it seems, will be able to leverage CCTP V2 for all manner of things-cross-chain onboarding, swaps, purchases, and even treasury rebalancing-while making sure the user experience remains as smooth as butter on a hot day.

For those trading on Hyperliquid’s platform, native USDC will serve as collateral for perpetuals and a quote asset for spot pairs. Circle, in its infinite generosity, has even made it clear that developers can integrate USDC into HyperEVM apps for swift settlements and seamless cross-chain transfers. Bravo, Circle. Truly, I’m impressed. 🏆

Jeremy Allaire, Circle’s co-founder and CEO, has made it abundantly clear that this is not just a mere flirtation with the Hyperliquid ecosystem. No, this is a full-blown entry into the fray. As he so eloquently put it, “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.” Well, Mr. Allaire, if that’s not confidence, I don’t know what is. 🙌

Circle, ever the mysterious entity, has tantalizingly listed “Coming Soon” for both mainnet and testnet addresses, promising more launch details to come. And as we wait with bated breath, Hyperliquid continues to evaluate third-party proposals for a separate stablecoin initiative, USDH, with contributions from Agora, Paxos, and Frax. The plot thickens!

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2025-09-08 22:58