The stablecoin issuer Circle is accelerating its expansion into Hyperliquid by investing and launching its native US dollar stablecoin (USDC) on the protocol. As competition for stablecoins within the network intensifies, Circle's strategy is particularly noteworthy.
According to an announcement on Tuesday, Circle has now become a stakeholder in the Hyperliquid ecosystem, directly holding its native token HYPE. Circle is considering becoming a validator for the protocol.
Circle went public on June 5 and is the issuer of the USDC stablecoin, which can be exchanged for US dollars at a 1:1 ratio. The token is natively deployed on HyperEVM (Hyperliquid's smart contract layer).
According to Circle on the X platform: "This launch is the first step in promoting USDC deposits into the HyperCore spot and perpetual contract exchange."
Circle announced plans to expand into the Hyperliquid ecosystem in July. A company spokesperson told Cointelegraph: "Today's launch is a move to realize this roadmap."
Hyperliquid is a decentralized finance ecosystem focused on derivatives trading. As of July, nearly a year after the protocol's Layer-1 network went live, the cumulative trading volume has reached $330 billion.
According to an announcement in September, the protocol will hold a competition to select partners to develop their own stablecoins, attracting major stablecoin issuers and crypto companies such as Paxos, Frax, Sky, Agora, Ethena, OpenEden, BitGo, and Native Markets to participate in the bidding.
On Sunday, the protocol stated that its validator community has chosen Native Markets to issue Hyperliquid's upcoming native stablecoin USDH.
Hyperliquid's validators are HYPE holders who help secure the blockchain, validate transactions, and participate in governance by staking tokens. The top 21 validators by staked amount form the active validator group, responsible for proposing and confirming network blocks.
Currently, approximately 430 million HYPE tokens have been staked on the network. Major validators include Galaxy Digital, Flowdex, and the Hyper Foundation, which supports Hyperliquid's development.
By 2025, decentralized finance (DeFi) will continue to expand, with the tokenization of real assets and digital asset libraries driving the on-chainization of financial assets.
Data from DefiLlama shows that as of Tuesday, the total value locked across all protocols has risen to $158 billion, a 35% increase from $117 billion in December last year, achieving this growth in about nine months.
Once considered "dead," memecoin trading has recently revived, with Pump.fun's daily trading volume surpassing $1 billion on Monday.
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Original article: “Circle strategically invests in Hyperliquid stablecoin ecosystem, simultaneously launching native USDC”
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