$4.4B USDC settled in seconds on HyperEVM with zero on-chain fees. This fund is issued by Circle and deployed into the Hyperliquid ecosystem for derivatives margin and settlement.

Compared to traditional CEXs: multi-layer custody, internal ledger transfers, risk control confirmation processes, large fund transfers are costly and time-consuming. On-chain infrastructure is enhancing the narrative of replacing CEX clearing layers with near-zero cost, second-level confirmation efficiency.
Especially in perpetual contracts and stablecoin-denominated markets, the immediacy and transparency of on-chain settlement make CEX clearing layers redundant. Hyperliquid's perpetual contract shares have hit a new all-time high, and on-chain derivatives are rewriting market structures.
But risks also exist: on-chain clearing depends on the performance and security of the underlying public chain. If HyperEVM experiences congestion or attacks, large funds could face settlement delays or losses. Additionally, zero fees rely on specific ecosystem subsidies, raising questions about sustainability.
$usdc #hype #cex #稳定币 #On-chain data