Hyperliquid has surpassed Solana in total circulating USDC, reaching approximately $6.73 billion. This shift makes the derivatives-focused Layer-1 blockchain the second-largest network by USDC supply, trailing only Ethereum.
The majority of the supply, roughly $6.28 billion, is issued natively on HyperEVM. An additional $453.6 million remains bridged from Arbitrum. USDC currently represents about 98% of the total stablecoin supply on Hyperliquid, which stands at $6.85 billion.
The platform utilizes USDC as the primary collateral for its perpetual futures markets. Partnerships with Circle and Coinbase, formed between May 2025 and 2026, provided the infrastructure for direct issuance pipelines.
In late August 2026, Solana’s USDC supply reached approximately $8 billion following $11 billion in mints by Circle, before declining to the current $6.72 billion.
Hyperliquid’s protocol directs a portion of the yield generated from USDC reserves toward buybacks and burns of its native HYPE token, creating a feedback loop between stablecoin deposits and token demand.
