Circle, the publisher of USDC, Defi's second largest Stablecoin, has stepped into the HypereVM Arena by launching native USDC on Hyperliquid's Layer 1 blockchain.
Circle announced the integration on September 16th. It was announced less than a week after OnchainAnalystMLM noted that Circle Link wallet purchased $4.6 million worth of hype while testing USDC with HypereVM.
The move came shortly after the controversial USDH Stablecoin Governance vote. This gave the native market team the right to acquire USDH tickers with the goal of launching the dominant native Stablecoin of high lipid ecosystems.
Although USDH is estimated to be the main stubcoin liquidity of HypereVM, Circle appears to be taking advantage of the first appearance position to capture market share prior to USDH launch, as most existing stubcoins on networks such as Feus and USDT0 are relatively illegal.
Circle has announced that the next activation in the ecosystem will allow for a direct connection between Hypercore Dex and HypereVM, allowing users to seamlessly bridge permanent and spot balance to EVM and vice versa.
“What we've been trying to do, working with teams and projects that push the boundaries of what On-Chain can do, is to provide you with great, safe, trusted, transparent and most importantly, very liquid digital dollars.”
After activation, after a $9.5 drop in April amid the HLP Vault Exploit, the hype surged to an all-time high, reaching a market capitalization of $59, or $15 billion.
Hype Chart – Coingecko
In addition to controlling the permanent derivative sector, Hyperliquid's HypereVM is currently the eighth largest blockchain with a total of $2.666 billion (TVL) and the eighth largest blockchain in Defi.
