A blockchain researcher known as MLM has reported test transactions of the USDC stablecoin on the mainnet of HyperEVM, the 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: https://t.co/S1JhSbAtOs
USDC burn tx:…
— MLM (@mlmabc) September 12, 2025
The expert suggests this indicates the potential arrival of a native stablecoin in the coming days or weeks. Meanwhile, a wallet associated with Circle has acquired HYPE tokens worth $4.6 million.
This follows an announcement by Jeremy Allaire, co-founder and CEO of the stablecoin issuer, about “coming to the ecosystem in a big way.”
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 be a major player and contribute to it. […] Hyper-fast native USDC with deep and nearly instant cross-chain interaction will be well received,” he stated.
According to a blog post, in addition to the stablecoin, Circle will integrate the CCTP V2 protocol into the Hyperliquid blockchain, enabling coin transactions between networks.
The company has intensified efforts to expand its presence in the ecosystem of the largest DEX in the perpetual futures segment, following the exchange community’s selection of an issuer for its own stablecoin, USDH. The project has attracted attention from several well-known crypto companies.
At the time of writing, the Polymarket prediction market estimates a 96.8% chance that validators will vote for the proposal from Native Market. The application from Paxos holds 1.8%. The likelihood of approval for 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 past 24 hours. USDC dominates with a 95.6% share, amounting to $5.85 billion.
The capitalization of Circle’s coin slightly exceeds $73.1 billion, with the exchange accounting for about 8% of the total issuance.
In August, Hyperliquid’s revenue hit a record $106 million, with perpetual contract trading volume reaching nearly $400 billion, and its market share rising to 70%.