Circle has announced an upcoming integration of its stablecoin USDC on the decentralized exchange Hyperliquid, aimed at simplifying cross-chain transfers.
Overview of Circle USDC Integration on Hyperliquid
Circle has announced that its native USDC will soon be available on the decentralized exchange Hyperliquid using Cross-Chain Transfer Protocol (CCTP v2). This will allow for secure and seamless transfers across multiple blockchains. An official launch date for this feature has not yet been revealed, and mainnet and testnet addresses remain undisclosed.
Benefits for Traders
Once live, USDC will serve as collateral for perpetual trading and will be used as the quoted currency for trading pairs. This integration is expected to streamline the trading process and eliminate the current dependency on transfers based on Arbitrum. Currently, approximately 70% of liquidity is held in Arbitrum, which forces traders to route transactions through the network before trading on the exchange.
Expanding Circle Partnerships
The partnership with Hyperliquid is part of Circle's strategy to expand its market influence. In July, the company announced a collaboration with Ant Group to promote USDC adoption, and in June it integrated the stablecoin and CCTP v2 with Sam Altman's blockchain and launched in the XRP Ledger. The Hyperliquid deal is expected to be more significant given the exchange's high trading activity, with recently recorded open interest of $14.7 billion.
The integration of USDC via CCTP v2 represents another milestone in Circle's mission to simplify stablecoin usage across blockchains.
