Hyperliquid has moved ~$5.4 billion USDC from the Arbitrum bridge to HyperEVM, making it the 3rd largest USDC chain, surpassing Base. With collaboration with Coinbase, 87% of that amount is in one Coinbase wallet.


On the other side: USDC on the Hyperliquid bridge is always temporary collateral, not Arbitrum DeFi liquidity. Arbitrum's organic USD remains intact at $2.6 billion, remaining a top 5 chain in USDC supply.
USDC-0.01%
ARB0.69%
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