Bridged assets ≠ native liquidity. Arbitrum's actual holdings of $2.6 billion still rank in the top five — you need to break down the data to see it accurately.

CoinWorld News, according to Tom Wan, data lead at Entropy Advisors, Hyperliquid has transferred approximately $5.4 billion in USDC from its Arbitrum bridge to HyperEVM, making Hyperliquid the third-largest blockchain network by USDC supply, surpassing Base. About 87% of this USDC is held in a single Coinbase wallet. However, Tom Wan noted that this USDC was originally only used as collateral for Hyperliquid’s cross-chain bridge, not as Arbitrum DeFi liquidity, so Arbitrum’s native USDC supply remains at around $2.6 billion, keeping it among the top five.