Hyperliquid, the Layer-1 blockchain focused on perpetual futures, has reached approximately $6.73 billion in circulating USDC, surpassing Solana’s $6.72 billion to become the second-largest network after Ethereum. Of this total, $6.28 billion comes from native issuance on HyperEVM, while approximately $453.6 million remains bridged from Arbitrum. USDC represents 98% of Hyperliquid’s total stablecoin supply, standing at $6.85 billion, and serves as the primary collateral for the platform’s perpetual futures markets. Partnerships established with Circle and Coinbase between May 2025 and 2026 provided direct access to USDC issuance pipelines, reducing reliance on bridged supply from other networks. The native HYPE token benefits from a buyback and burn mechanism funded by yields generated from USDC reserves, creating a virtuous cycle for the platform.
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