Circle will expand its integration with the Hyperliquid ecosystem.

# Circle will expand its integration with the Hyperliquid ecosystem.

A blockchain explorer under the nickname MLM reported on test transactions of the USDC stablecoin on the mainnet of the HyperEVM decentralized exchange Hyperliquid.

A wallet linked to @circle is currently buying 80K HYPE ($4.6M).

But that’s not all — they’re also actively testing USDC on Hyperevm mainnet, suggesting native USDC could be coming in the next few days/weeks.

Token ca:

USDC burn tx:…

— MLM (@mlmabc) September 12, 2025

According to the expert, this suggests the possible emergence of a native "stablecoin" in the coming days or weeks. Meanwhile, the wallet associated with Circle acquired HYPE tokens worth $4.6 million.

The actions followed the announcement by co-founder and CEO of the stablecoin issuer Jeremy Allaire about a "big entrance" into the exchange ecosystem.

Don’t Believe the Hype

We are coming to the HYPE ecosystem in a big way. We intend to be a major player and contributor to the ecosystem.

Happy to see others purchase new USD tickers and compete

Hyper fast native USDC with deep and nearly instant cross chain…

— Jeremy Allaire — jda.eth / jdallaire.sol (@jerallaire) September 7, 2025

"We intend to become an important player and contribute to it. […] The ultra-fast native USDC with deep and practically instant cross-chain interaction will be well received," he stated.

According to a blog post, in addition to the Circle stablecoin, the CCTP V2 protocol, which enables coin transactions between networks, is being integrated into the Hyperliquid blockchain.

The company has intensified its efforts to expand its presence in the ecosystem of the largest DEX in the perpetual futures segment against the backdrop of the community's choice of the exchange issuing its own stablecoin USDH. The project has attracted the attention of several well-known crypto companies.

Source: Polymarket. At the time of writing, the Polymarket prediction market assesses the chances at 96.8% that validators will vote for the proposal from Native Market. The application from Paxos gains 1.8%. The probability of approval for the proposals from Ethena and Frax Finance is less than 1%.

According to DeFi Llama, the total volume of stablecoins on Hyperliquid reached $6.1 billion in the last 24 hours. USDC dominates with a share of 95.6%, amounting to $5.85 billion.

The market capitalization of the Circle coin is slightly over $73.1 billion, and the exchange accounts for about 8% of the total issuance.

Let us remind you that in August, Hyperliquid's revenue reached a record $106 million, the trading volume of perpetual contracts was nearly $400 billion, and its market share in the segment grew to 70%.