Circle, the company behind USD Coin (USDC), has announced an investment in HYPE and the launch of naCircle, the company behind USD Coin (USDC), has announced an investment in HYPE and the launch of native USDC on the Hyperliquid network.
According to a blog post, Circle confirmed the rollout of native USDC and CCTPv2 on HyperEVM, giving the community direct access to the stablecoin. The company also said it will soon enable deposits and CCTP interoperability for Hyperliquid USDC on HyperCore.
Circle added that it has become a direct stakeholder in the ecosystem through its first HYPE token investments. The firm is also looking at the option of becoming a validator while supporting HyperEVM and HIP-3 builders with new incentive programs.
Circle explained that its team has spent months building relationships with Hyperliquid developers and described the network as “one of the most impressive communities and platforms in the entire crypto ecosystem.” It added, “It is Hyperliquid’s moment and we are thrilled to be supporting the community.”
The announcement arrives before the launch of USDH, a stablecoin that will compete directly with USDC. Despite that, Circle said it wants to help expand the ecosystem and work closely with Hyperliquid builders.
Notably, the market responded positively to the news as HYPE’s trades around $53, a 1.62% in the last 24h and 2.73% in the past week, according to CoinMarketCap. Analysts noted that the coming USDH launch could push HYPE toward the $72 mark.
HYPE Price action | Source: CoinMarketCap
VanEck’s chief Matthew Sigel called Circle’s move a “major milestone” and a “clear validation” of HyperEVM as an independent layer-1 network.
Meanwhile Trader DeFiyst said in an X post that this move looked like an effort to save the $5.3 billion USDC already on Hyperliquid. “Last ditch attempt to save the $5.3bn USDC on Hyperliquid that will be swapped into USDH.”
Also Read: Coinbase Says Stablecoin Deposit Erosion Is a Myth
