Circle Announces Native USDC and CCTP V2 Integration on Hyperliquid

Circle, the issuer of the USD Coin (USDC), the world’s second-largest stablecoin, has revealed that native USDC and its upgraded Cross-Chain Transfer Protocol (CCTP V2) will soon be available on Hyperliquid, a high-performance Layer 1 blockchain optimized for decentralized finance (DeFi) applications. This integration aims to enhance liquidity, security, and cross-chain functionality for developers and users within the Hyperliquid ecosystem.

The announcement, detailed in Circle’s official blog, shows the deployment of native USDC and CCTP V2 on HyperEVM, Hyperliquid’s Ethereum Virtual Machine-compatible environment. This will enable seamless USDC deposits into HyperCore and other HyperEVM applications, providing users with access to a trusted, regulated digital dollar designed to maintain a stable value. With a circulating supply of $58 billion, USDC is widely used for crypto trading, DeFi publishing, remittances, and real-world asset settlements.

CCTP V2, an advanced version of Circle’s Cross-Chain Transfer Protocol, introduces significant improvements over its predecessor. Unlike traditional lock-and-mint bridges, CCTP V2 uses a burn-and-mint mechanism to facilitate secure, 1:1 USDC transfers across supported blockchains, eliminating liquidity fragmentation and reducing trust assumptions. The protocol’s Fast Transfer feature slashes transaction times from minutes to seconds, while Hooks enable developers to automate post-transfer actions, such as asset swaps or deposits into DeFi protocols, enhancing composability and user experience.

Hyperliquid, known for its gas-free transactions and HyperBFT consensus mechanism, is a natural fit for Circle’s vision of a fully on-chain financial system. The integration will allow developers to create applications for cross-chain swaps, payments, and treasury management, all while leveraging USDC’s stability and Circle’s regulatory compliance, including its adherence to the EU’s Markets in Crypto-Assets (MiCA) framework and U.S. money transmission licenses.

The Hyperliquid community has shown interest in the upcoming integration, with developers expected to leverage Circle’s open-source documentation to build innovative applications. Circle has invited ecosystem participants to engage via its Discord channel for further details and support. This brings USDC’s native support to 21 blockchains, reinforcing its position as a leading stablecoin in the multi-chain era.