20.09.2025 14:59
In a significant strategic maneuver, Circle, the powerhouse behind the second-largest stablecoin USDC, has officially entered the HyperEVM arena with the launch of its native digital dollar on Hyperliquid's Layer 1 blockchain. The integration was formally announced on September 16, coming just days after on-chain data revealed a wallet associated with Circle had acquired $4.6 million in HYPE tokens during a testing phase, signaling the company's imminent arrival.
This strategic deployment places Circle in direct competition with the forthcoming USDH stablecoin, which recently secured its ticker through a controversial governance vote aimed at establishing it as the primary native stablecoin for the Hyperliquid ecosystem. By launching first, Circle is capitalizing on a crucial first-mover advantage, aiming to capture significant market share in an environment where existing stablecoins, like feUSD and USDT0, suffer from relatively low liquidity.
Looking ahead, Circle has outlined its next major development for the ecosystem, which involves establishing a direct bridge between the HyperCore DEX and the HyperEVM. This upcoming feature will empower users to transfer their perpetual and spot balances between the two environments seamlessly. Aligning with this vision, Circle CEO Jeremy Allaire stated in a recent interview that the company's foundational goal has always been to collaborate with pioneering on-chain projects to deliver "a great, safe, trusted, transparent, and most importantly, highly liquid digital dollar."
The market's reaction to the announcement was immediate and overwhelmingly positive, propelling the HYPE token to a new all-time high of $59 and a market capitalization of $15 billion. This remarkable surge marks a dramatic recovery from its low of $9.5 in April following a vault exploit. Beyond its established dominance in the perpetual derivatives market, this development further solidifies Hyperliquid’s position, with its HyperEVM now ranking as the eighth largest blockchain in DeFi, boasting a total value locked of $2.66 billion, according to internet sources.
