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Hyperliquid Surpasses Solana in Circulating USDC, Becomes Second to Ethereum
Hyperliquid, a Layer-1 blockchain focused on perpetual futures, has surpassed Solana in total circulating USDC, now holding approximately $6.73 billion compared to Solana's $6.72 billion. This shift marks a significant change in the landscape of stablecoin distribution, positioning Hyperliquid as the second-largest chain by circulating USDC, following Ethereum.
The majority of Hyperliquid's USDC supply, around $6.28 billion, originates from native issuance on its Ethereum-compatible execution layer, HyperEVM. Additionally, a legacy pool of about $453.6 million remains bridged from Arbitrum, reflecting Hyperliquid's earlier architecture. USDC now constitutes about 98% of Hyperliquid's total stablecoin supply, which is approximately $6.85 billion, serving as the primary collateral for its perpetual futures markets.
Partnerships with Circle and Coinbase, established between May 2025 and 2026, have facilitated the minting and treasury infrastructure necessary for this growth, allowing Hyperliquid direct access to USDC issuance. This development comes amid a decline in Solana's USDC supply, which had peaked at around $8 billion in late August 2026 before falling back to its current level. The shift in stablecoin geography highlights Hyperliquid's unique focus as a derivatives exchange, attracting significant USDC deposits for trading activities.
Source: KLEA News