Circle, the US company behind the stablecoin USD Coin (USDC), is expanding its presence in the DeFi sector. The company, which went public in June, is one of the largest stablecoin issuers in the world. Hyperliquid, in turn, is a fast-growing Layer 1 blockchain specializing in derivatives trading, recently recording billions in trading volumes.
Now Circle has taken a two-pronged step: First, it has introduced native USDC support on Hyperliquid’s smart contract layer, HyperEVM. This allows users to deposit and trade USDC directly on Hyperliquid for the first time – without having to go through bridges. At the same time, Circle invested in the native token HYPE and is considering participating in the network as a validator itself.
With a USDC market capitalization of $73 billion, Circle is the second-largest stablecoin issuer in the world after Tether. Since its launch, the company has mined and redeemed more than one trillion USDC – and is increasingly positioning itself as a preferred partner for institutional investors. Against this backdrop, the move to Hyperliquid is also a signal: Circle aims to expand its global market position to one of the most dynamic DeFi blockchains currently.
The move comes shortly after Hyperliquid launched its own stablecoin initiative: USDH, a dollar token issued natively on the blockchain, is to be introduced. In a governance vote, the validator community decided to award the issuance contract to the provider Native Markets. With its investment, Circle is thus securing early influence, while a race for liquidity and market share is brewing on Hyperliquid.
DeFi is already experiencing a strong upswing in 2025: According to DefiLlama, the total TVL of all DeFi protocols increased by around 35 percent in the past nine months, currently reaching approximately 158 billion US dollars. Hyperliquid itself has a TVL of around $670 million, and the trend is rising. With the direct USDC integration, the platform could gain further traction – and Circle could consolidate its position as a key player in the stablecoin market.