Circle Internet Financial has announced the launch of native USDC on the Hyperliquid platform, simplifying access to stablecoins without the need for wrapped tokens.
Launch of Native USDC on Hyperliquid
Circle has introduced native USDC on the Hyperliquid platform using the Cross-Chain Transfer Protocol v2. This innovation simplifies USDC transaction processes, making it more accessible for users without the need for wrapped tokens or third-party intermediaries.
Using Cross-Chain Transfer Protocol v2
The launch integrates the capabilities of the Cross-Chain Transfer Protocol v2, allowing for the secure movement of native USDC across multiple blockchains. This streamlines the transfer processes and enhances Hyperliquid's position within decentralized trading networks.
Impact of New USDC on Market and Hyperliquid's AUM
The introduction of USDC on Hyperliquid resulted in $1.2 billion in new USDC inflows, increasing the platform’s assets under management to $5.5 billion. This improvement in platform activity may influence competing Ethereum Layer 2 solutions, though no investor concerns have yet emerged.
The launch of native USDC on the Hyperliquid platform and the utilization of the new protocol may have significant implications for the decentralized finance market, improving the accessibility of stablecoins and enhancing overall liquidity.
