Circle, the issuer of USDC, the second-largest stablecoin in DeFi, has stepped into the HyperEVM area by launching native USDC on Hyperliquid’s Layer 1 blockchain.
Circle introduced the mixing on Sept. 16, lower than per week after onchain analyst MLM famous {that a} Circle-linked pockets bought $4.6 million price of HYPE whereas testing USDC on the HyperEVM.
The transfer comes shortly after the controversial USDH stablecoin governance vote, which gave the Native Markets crew the rights to accumulate the USDH ticker with the aim of launching the Hyperliquid ecosystem’s dominant native stablecoin.
Whereas it’s presumed that USDH is meant to be the first stablecoin liquidity on the HyperEVM, Circle seems to be capitalizing on its first-mover place to seize market share previous to USDH’s launch, as most current stablecoins on the community, comparable to feUSD or USDT0, are comparatively illiquid.
Circle introduced that its subsequent activation within the ecosystem will allow direct connectivity between the HyperCore DEX and HyperEVM, letting customers seamlessly bridge their perpetual and spot balances onto the EVM and vice versa.
“Working with groups and initiatives which are pushing the bounds of what may be finished onchain has been foundational to what we do…and what we’ve at all times tried to do is present an awesome, secure, trusted, clear, and most significantly, extremely liquid digital greenback,” stated Circle CEO Jeremy Allaire on a latest podcast.
Following the activation, HYPE surged to a different all-time excessive, reaching $59, or a $15 billion market capitalization, after falling as little as $9.5 in April amid the HLP vault exploit.
HYPE Chart – CoinGecko
Along with its domination of the perpetual derivatives sector, Hyperliquid’s HyperEVM is now the eighth largest blockchain in DeFi with $2.66 billion in whole worth locked (TVL).
