The stablecoin emitters circle seems to be ready to deepen its role in decentralized finances when preparing a native USD Coin (USDC) in the Hyperliquid layer 1 chain, Hypevm.
On September 12, blockchain researcher MLM Blockchain marked the test transactions involving USDC in the NET of Hypevm, which suggests that a native implementation could be implemented in the coming weeks.
In addition to speculation, the same wallet connected to Circle recently acquired around $ 5 million in the hyperliquid hype token.
The purchase reinforced the view that Circle is positioning more deeply in the hyperlichid ecosystem. If the launch becomes live, Hyperevm would join another 24 networks that already admit USDC, including Ethereum, Solana and the Book Mayor XRP.
The Circle USDC is the second largest establishment in the industry, with a market capitalization of more than $ 72 billion. Hyperlichid, on the other hand, is the dominant decentralized perpetual exchange, which controls more than 60% of the market.
USDC situation in hyperlichid
The possible launch follows a public statement of the CEO of Circle Jeremy Allaire, who wrote that the company intends to be “an important player and taxpayer” within the hyperlychide ecosystem.
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According to him:
“We are arriving at the exaggerated ecosystem in a big way. We intend to be an important player and contributors to the ecosystem. Happy to see that others buy new USD tickers and compete the USDC Native Hiper Hiper fast with a deep and almost instant cross -chain interoperability will be well received.”
However, Circle’s impulse occurs while preparing hyperlichid to introduce its native stablcoin, USDH. This project has caught the attention of the main actors such as Native Market, Paxos, Opened and Agora, indicating a true challenge to the Circle position.
During the last year, Hyperliquid has largely trusted in Circle Stablcoin to feed its markets, with around $ 5,773 billion in the supply of USDC on the platform. This concentration means that hyperlichid represents approximately 8% of the USDC in circulation, which makes it one of the most dominant chains of the circle, according to defillion data.
Therefore, if the liquidity migrates to the USDH, Circle could lose up to $ 200 million in annual income, which could affect your business.
