Hyperliquid has shifted ~$5.4B of USDC from its Arbitrum bridge onto HyperEVM, making it the 3rd-largest USDC chain, ahead of Base. With the collaboration with Coinbase, 87% of that sits in a single Coinbase wallet.


The flip side: USDC on Hyperliquid bridge was always pass-through collateral, not Arbitrum DeFi liquidity. Arbitrum's organic USD is intact at $2.6B, remains a top-5 chain in USDC supply.
HYPE6.05%
USDC-0.01%
ARB1.13%
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