Circle eyes deeper ties with Hyperliquid through potential native USDC launch
John: Hey everyone, I’m John, a veteran writer for our crypto blog where we break down Web3, virtual currencies, and blockchain news in straightforward, welcoming ways. Today, we’re diving into Circle’s potential native USDC launch on Hyperliquid’s HyperEVM chain—think of it as a big step for easier stablecoin use in DeFi. I’ll enrich this with the latest from trusted sources like official Circle blogs and CryptoSlate to keep things current as of 2025-09-13.
Lila: Hi, I’m Lila, John’s curious assistant always eager to learn more about crypto. John, what’s this native USDC thing all about? Is it like USDC getting its own home on a new blockchain?
What is Hyperliquid and HyperEVM?
John: Great question, Lila. Hyperliquid is a decentralized exchange (DEX) focused on perpetual futures trading, and it’s grown massively with over $5.5 billion in assets under management as of mid-2025. HyperEVM is its Layer 1 blockchain, launched to expand beyond just trading into a full ecosystem for apps.
Lila: Perpetual futures? That sounds fancy—can you explain it like trading stocks but without expiration dates?
John: Exactly! It’s like betting on crypto prices forever without owning the assets. In the past, Hyperliquid started as a spot and derivatives platform in 2023, but by 2025-07-31, it was integrating big players like Circle for stablecoins. (And hey, if trading were a party, perpetuals would be the guests who never leave—light humor aside, it’s serious volume driver.)
The Basics of USDC and Native Launches
Lila: Okay, back to USDC. I know it’s a stablecoin pegged to the US dollar, but what’s “native” mean here?
John: USDC, issued by Circle, is backed 1:1 by dollars and assets, making it a reliable digital dollar. A native launch means USDC is directly issued on HyperEVM, not bridged from elsewhere, which reduces risks like bridge hacks. As of now, in 2025, this setup uses Circle’s Cross-Chain Transfer Protocol (CCTP) V2 for seamless moves across chains.
Lila: Bridge hacks? Like those scary stories from 2022 where millions got stolen?
John: Yep, think of bridges as tunnels between blockchains—native is like building a house right there instead. Circle has been expanding this since USDC’s launch in 2018, with native integrations on chains like Ethereum and now eyeing Hyperliquid.
Recent Developments and Announcements
John: Let’s look at the timeline. On 2025-07-31, Circle announced plans to deploy native USDC and CCTP V2 on Hyperliquid, as per their official blog. This followed Hyperliquid’s growth, and by 2025-09-09, news from Bitcoin.com confirmed the rollout, with test transactions spotted on HyperEVM’s mainnet around 2025-09-12.
Lila: Test transactions? Does that mean it’s happening soon?
John: Based on verified sources like CryptoSlate and The Block, yes—researchers flagged these on 2025-09-12, hinting at a launch in weeks. In the past, Hyperliquid relied on bridged stablecoins, but this shift to native USDC, announced on 2025-07-31, aims for direct issuance. As of 2025-09-13, Circle is testing to strengthen ties, amid competition from Hyperliquid’s own USDH stablecoin bids rolling in by early September 2025.
Lila: Competition? Like a stablecoin showdown?
John: Sort of—Yahoo Finance noted on 2025-09-10 that USDH could challenge USDC, but Circle reaffirmed commitment via their 2025-09-08 update on Coincu. No speculation, but facts show Circle’s stock was analyzed by Bernstein on 2025-09-09 amid this.
Benefits and Use Cases
John: The perks are huge. Native USDC on HyperEVM means faster, cheaper transactions for trading on Hyperliquid, which handled over $400 billion in volume by mid-2025. Developers can build apps with easy cross-chain transfers, like moving USDC from Ethereum to HyperEVM without bridges.
Lila: Can you give some examples of how people might use this?
John: Sure! Here’s a quick list of use cases based on Circle’s blog from 2025-09-08:
- Trading perpetuals with stable margins—deposit USDC directly for bets on Bitcoin prices.
- Cross-chain DeFi: Use CCTP V2 to send USDC to HyperEVM for lending apps, settled in seconds.
- Institutional access: Circle Mint allows big players to deposit/withdraw seamlessly, as noted in ChainCatcher’s 2025-09-08 report.
- Ecosystem growth: Power HyperCore and HyperEVM apps, boosting activity beyond the $5.5 billion AUM reported on CryptoNews in 2025-08-01.
Lila: That sounds practical—less hassle, more fun in DeFi!
Potential Risks and Safeguards
John: As with any crypto move, there are risks. Competition from USDH, as highlighted in AInvest’s 2025-09-08 piece, could split liquidity, but Circle’s regulated status (USDC is issued by licensed affiliates) adds trust. Past bridge exploits like Ronin in 2022 remind us why native is safer.
Lila: How does Circle keep things safe?
John: They use audits, reserves transparency—check their monthly reports—and CCTP V2 burns and mints tokens securely. No light humor here; regulatory news from 2025 shows Circle’s Q2 earnings on 2025-08-01 emphasized compliance amid stablecoin wars.
Looking Ahead
John: In the future, this could make Hyperliquid a top DeFi hub. If launched soon after the 2025-09-12 tests, expect more apps by late 2025. BitcoinEthereumNews on 2025-09-12 mentioned potential airdrops, tying into Hyperliquid’s evolution.
Lila: Airdrops? Free tokens for users?
John: Possibly, but verified facts only—it’s speculated as boosting activity post-TGE (token generation event). Circle’s integration, per their 2025-07-31 blog, sets the stage for broader adoption.
John: Wrapping up, this potential native USDC launch is exciting for Hyperliquid’s growth, blending stablecoins with high-speed trading. It’s a reminder of how blockchain evolves to make finance more accessible—stay tuned for official launches. Remember, always do your own research!
Lila: Totally agree—great for beginners like me to see real-world crypto ties strengthening. Thanks for the clear breakdown, John!
This article was created using the original article below and verified real-time sources:
- Circle eyes deeper ties with Hyperliquid through potential native USDC launch
- Native USDC & CCTP V2 are Coming to Hyperliquid: What You Need to Know
- Circle to Launch Native USDC and CCTP V2 on Hyperliquid as USDH Bids Roll In
- Circle hints at native USDC launch on Hyperliquid’s new chain
- Circle says native USDC and CCTP v2 are coming to Hyperliquid
- Circle Launches Native USDC on CCTP V2 on Hyperliquid
- Will Hyperliquid USDH End Circle and USDC? CIRCL Stock Plummets
- Hyperliquid may become an airdrop platform, Circle tests native USDC token