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GateUser-ecded933

Hyperliquid's bridge volume this wave is indeed impressive, with 5.4 billion USDC directly jumping to third place, but the fact that 87% is concentrated in Coinbase wallets is quite intriguing.

HYPE-3.58%
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WuSaidBlockchainW
Hyperliquid has migrated approximately $5.4 billion USDC to HyperEVM, becoming the third-largest USDC network
According to Tom Wan, Head of Data at Entropy Advisors, Hyperliquid has moved approximately $5.4 billion USDC from the Arbitrum bridge to HyperEVM, making it the third-largest blockchain by USDC supply, surpassing Base. About 87% of the USDC is concentrated in a single Coinbase wallet. Wan stated that this portion of USDC was originally cross-chain bridge collateral assets, not Arbitrum DeFi liquidity, so the native USDC on Arbitrum remains at around $2.6 billion, still ranking in the top five.
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