The move comes just as Hyperliquid prepares to debut its own stablecoin, USDH — a project that could become a direct rival to USDC on the network.
With the launch, Circle has introduced native USDC and CCTPv2 support to HyperEVM, removing the need for users to bridge tokens from Arbitrum as they previously did. The firm also revealed plans to expand interoperability through HyperCore in the weeks ahead, while hinting it could eventually join as a validator.
Beyond stablecoin deployment, Circle confirmed that it has taken its first position in HYPE, the token powering Hyperliquid. The company described the HyperEVM developer community as one of the most dynamic in the crypto industry, emphasizing its commitment to supporting builders through new programs.
Market reaction to the news was mixed. HYPE slipped back to around $53 in daily trading, though it remains up more than 5% on the week. Analysts see the upcoming USDH launch as the next catalyst, with some forecasts pointing to a possible rise toward the $72 level.
VanEck’s Matthew Sigel called Circle’s entry a “major milestone,” arguing it validates HyperEVM as an independent Layer 1 network. Traders, however, offered a more cautious view. One analyst warned that Circle may be trying to protect the roughly $5.3 billion USDC already circulating on Hyperliquid, which could shift toward USDH once the native coin goes live.
Others see the development as a bullish turning point. Commentator Pajke suggested Circle’s support could mark the “tipping point” for HYPE’s climb toward triple digits, pointing to the community’s overwhelming participation in the recent USDH governance vote.
Competition for Hyperliquid’s stablecoin slot has been intense. Paxos and Agora both submitted bids to issue USDH, while Ethena briefly joined before withdrawing. With Circle already entrenched through USDC, the arrival of USDH could shape the network’s liquidity dynamics for months to come.
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