TL;DR
- Hyperliquid integrated native USDC and CCTP V2 into HyperEVM, enabling direct deposits to HyperCore and immediate use in financial applications.
- The USDC is issued by Circle and maintains a 1:1 backing in dollars, offers institutional on/off ramps via Circle Mint, and strengthens ecosystem liquidity.
- CCTP V2 allows secure USDC transfers across more than 12 blockchains and opens the door to swaps, purchases, and crosschain treasury management.
Hyperliquid introduced native USDC and the second version of CCTP to its network, a key step to strengthen and consolidate its infrastructure for decentralized finance.
The integration took place on HyperEVM, the network’s virtual machine, and enables direct USDC deposits into HyperCore, where trading markets are concentrated. This deployment also allows applications built on HyperEVM to use the stablecoin immediately.
The USDC arriving on Hyperliquid is issued directly by Circle and retains the features that made it the most widely adopted regulated stablecoin. Each token is fully backed by dollars on a 1:1 basis and can be redeemed at any time. Additionally, institutional users have on/off ramps through Circle Mint, simplifying the connection between fiat capital and crypto within the ecosystem.
Hyperliquid: Secure Crosschain Transfers Across 12+ Blockchains
CCTP V2 enhances these capabilities by enabling secure transfers of native USDC between Hyperliquid and more than a dozen blockchains. The objective is to ensure capital efficiency in crosschain flows while avoiding friction and costs associated with wrapped token versions. For developers, the update allows building applications focused on onboarding, swaps, purchases, or treasury rebalancing with a consistent user experience.
Practical benefits are already evident in trading. Users can employ USDC as collateral for perpetual contracts or as a quote asset in spot pairs within HyperCore. They can also use it in financial applications built on HyperEVM, which gain speed in settlements and flexibility in transfers across networks.
The initial launch distinguishes between the USDC deployed on HyperEVM and the USDC currently circulating on HyperCore through the bridge from Arbitrum. Both will coexist without affecting existing market operations. The short-term goal is to provide direct connectivity between HyperEVM and HyperCore, allowing smooth deposits and withdrawals to spot and futures markets.
Token contracts are already available on mainnet and testnet, and a group of protocols such as Across, Stargate, Wormhole, and local Hyperliquid initiatives are participating from day one
