Circle Launches Native USDC and CCTP V2 on Hyperliquid as Platform Tops $5.5B AUM

Circle Internet Group, Inc. (NYSE: CRCL) has announced that its native USDC and Cross-Chain Transfer Protocol (CCTP) V2 will soon launch on Hyperliquid, a trading platform designed for decentralized finance.

In a blog post, the firm reports a surge in Hyperliquid’s total assets under management (AUM), which recently topped $5.5 billion, up from under $4 billion earlier this month.

USDC and CCTP V2 Go Live on Hyperliquid

According to Circle, USDC will be deployed on HyperEVM, Hyperliquid’s general-purpose smart contract layer. This update will allow USDC deposits across both HyperCore—the protocol’s core infrastructure—and any application built on HyperEVM.

CCTP V2 will also allow users to move USDC between Hyperliquid and other supported blockchains with full capital efficiency. Circle stressed the benefits of the deployment: USDC issued on Hyperliquid will remain a fully reserved, regulated digital dollar, redeemable 1:1 with U.S. dollars. It will also support institutional-grade on/off-ramps like Circle Mint for eligible users.

Hyperliquid Captures USDC Market Share

The integration comes at a time when Hyperliquid is already dominating USDC volume on Arbitrum, capturing 70% of the network’s stablecoin liquidity.

The firm reports Hyperliquid’s AUM—which includes both its core protocol and associated services like Unit—has grown by approximately $1.5 billion in July alone, with $1.2 billion of that driven specifically by USDC inflows.

Key Use Cases and Developer Benefits

On the trading side, USDC can serve as collateral for perpetual contracts or be used as the quote asset for spot pairs. Developers can integrate USDC into HyperEVM-based applications, leveraging fast settlement and seamless cross-chain functionality to build financial tools, treasury management apps, or consumer-facing payment experiences.

CCTP V2’s capital-efficient bridging functionality also supports use cases such as cross-chain onboarding, token swaps, and portfolio rebalancing—all with a frictionless user experience.

The exact mainnet and testnet addresses for USDC on Hyperliquid will be announced soon. Circle is encouraging developers and users to stay tuned for launch updates and engage with their team on Discord for further details.

As USDC expands its native footprint into high-performance DeFi chains like Hyperliquid, the stablecoin’s role as a digital dollar standard in crypto continues to deepen.

Binance to Accept Circle’s Yield-Bearing Stablecoin USYC

Earlier this month, Circle announced a new partnership with Binance, the largest global digital asset exchange, to bring the yield-bearing stablecoin USYC into Binance’s institutional trading platform.

The stablecoin issuer said this move allows Binance’s institutional clients to hold and use USYC—a tokenized money market fund (TMMF)—as off-exchange collateral for derivatives trades.

The arrangement closely mirrors traditional finance practices, allowing traders to unlock additional yield opportunities while maintaining capital flexibility.