Hyperliquid has announced the implementation of native USDC support through Circle's upgraded CCTP v2 protocol, aimed at enhancing trading on the platform.
Integration of the New CCTP v2 Protocol
The integration will enable seamless, trustless transfers without the need for wrapped tokens or custodial bridges, marking a significant development for platform users.
Surge in Trader Activity on Hyperliquid
With the introduction of USDC support, Hyperliquid anticipates an increase in users as traders will be able to leverage USDC for market positions. Open interest on the platform rose to $10.6 billion, indicating heightened activity. Additionally, HYPE token prices increased by 3% following the announcement.
Circle's Collaboration with Hyperliquid
The partnership with Hyperliquid is part of Circle's broader strategy, which includes recent integrations reporting assets under management on Arbitrum reaching $5.5 billion. This collaboration coincides with Circle's expansion onto other blockchains like XRP Ledger and World Chain.
The support for native USDC on Hyperliquid opens new avenues for traders. This integration aims to simplify trading processes, potentially fostering further growth in its popularity and volume.
