According to Tom Wan, Head of Data at Entropy Advisors, Hyperliquid has moved approximately $5.4 billion 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 stated that this portion of USDC was originally only used as collateral for the Hyperliquid cross-chain bridge, not as Arbitrum DeFi liquidity. Therefore, the scale of native USDC on Arbitrum remains around $2.6 billion, maintaining a top-five position.

HYPE-2.67%
USDC0.01%
ARB-1.26%
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