Native USDC Launch and HyperEVM Entry

In the liquidity structure of on-chain assets, native USDC differs fundamentally in credit rating from the traditional cross-chain mapped version. Native USDC is issued and redeemed directly by Circle on the target chain, with each asset backed by a 1:1 USD reserve, meaning that users can directly bypass the protocol risks and liquidity bottlenecks of third-party cross-chain bridges when transferring large amounts of assets. Previously, the Hyperliquid ecosystem relied mainly on internal asset representations within HyperCore for transaction settlement, and the recent official support from Circle for HyperEVM marks the network's formal inclusion in Circle's global issuance network, establishing its position as the official funding entry point for the Hyperliquid ecosystem.

This integration not only upgrades the technical foundation but also reshapes the security boundaries of assets. Through the synchronized deployment of CCTP V2, HyperEVM achieves efficient cross-chain interaction with other major public chains, further strengthening asset redemption expectations. According to AiCoin data, by early June 2026, the issuance scale of USDC on HyperEVM had risen to approximately 4.19 billion USD, a substantial scale that directly reflects the market's recognition of the native asset status of this network. In Circle's ecological landscape, HyperEVM is no longer an experimental side chain at the margins but a core node carrying billions in USD liquidity, laying a standardized credit foundation for the construction of subsequent complex protocols and large-scale capital backflow.

CCTP V2 Connects HyperCore and Applications

With the launch of Native USDC, Circle also deployed the cross-chain transfer protocol CCTP V2 on HyperEVM, marking the official access of the Hyperliquid ecosystem to a globally standardized funding routing network. Unlike the traditional "locking and mapping" bridging model, CCTP allows USDC to be directly burned and minted between supported blockchains, fundamentally eliminating the liquidity fragmentation and collateral asset security risks caused by third-party bridging. According to Circle's official announcement, this integration establishes HyperEVM as a core node for cross-chain interoperability, providing an official funding entry for the ecosystem and achieving native asset circulation at the underlying architecture level.

At the practical application level, the introduction of CCTP V2 greatly optimizes users' cross-chain paths and interaction experience. Users from external chains can now directly deposit USDC into the HyperCore trading engine or any decentralized application on HyperEVM through simplified cross-chain operations, achieving "one-hop entry" for assets. This seamless connectivity breaks down the perceptual boundaries between various components within the Hyperliquid ecosystem, enabling HyperEVM applications to directly access liquidity from mainstream networks such as Ethereum without undergoing complex asset conversions across multiple protocols. CCTP V2 effectively acts as a hub connecting Hyperliquid's high-performance trading foundation with external vast funding pools, providing standardized technical support for the subsequent high-frequency circulation of assets within the ecosystem and application expansion.

Parallel HyperCore USDC, Derivatives Temporarily Stable

In Circle's architectural design, the Native USDC on HyperEVM and the existing USDC asset of HyperCore are clearly defined as two different asset representations. This "dual-track parallel" logic ensures that the most core derivatives trading functions of Hyperliquid can maintain established settlement paths and operational inertia during the early stages of the upgrade. According to Circle's official announcement, this integration does not directly impact the existing trading flow, meaning that traders on HyperCore need not worry about sudden changes in the underlying asset properties disrupting positions or settlement logic, as on-chain anchor information further weakens the market's expectations of short-term structural shocks.

However, with the continued penetration of Native USDC on HyperEVM, the asset weight within the ecosystem may undergo a gradual shift. According to AiCoin data, by early June 2026, the circulation scale of USDC on the HyperEVM chain had grown to approximately 4.19 billion USD, providing ample liquidity for future protocol-level settlement optimization. Although an automatic settlement conversion mechanism between HyperCore and HyperEVM USDC has not yet been established officially, in the medium term, whether Native USDC will gradually replace the original asset representations and subsequently reshape the derivatives settlement structure remains a key variable for the market to continuously observe.

Revenue Distribution and Ecosystem Imagination, Hyperliquid Outlook

The official introduction of Native USDC and CCTP V2 essentially completes the key infrastructure puzzle for Hyperliquid as a "settlement and application dual-layer architecture." Through the functional collaboration of the HyperCore trading layer and HyperEVM application layer, this ecosystem not only obtains an officially recognized asset entry but also establishes standardized paths in terms of cross-chain interoperability. According to AiCoin data, the circulation scale of approximately 4.19 billion USD in USDC on HyperEVM has laid a solid settlement asset foundation for future innovations in various DeFi protocols. Although the specific distribution mechanism for USDC reserve earnings and protocol income is still in the community conceptual stage, and the official has not disclosed exact figures, the significant existing scale provides ample foreshadowing for ecosystem expansion. Market attention should focus on the actual adoption rate of native applications on HyperEVM, the structural evolution of Native USDC usage across different levels, and the subsequent cooperation rhythm of the official in optimizing the liquidity efficiency of the two layers of assets. This evolution from a purely trading engine to a fully functional on-chain financial ecosystem will directly determine Hyperliquid’s voice in the future multi-chain competitive landscape.

Join our community to discuss and become stronger together!
AiCoin exclusive Hyperliquid benefits: https://app.hyperliquid.xyz/join/AICOIN88
AiCoin exclusive Aster benefits: https://www.asterdex.com/zh-CN/referral/9C50e2
On-chain Telegram community: https://t.me/AiCoinWhaleData
On-chain community: https://www.aicoin.com/link/chat?cid=N6OVMor5g
AiCoin on-chain Twitter: https://x.com/aicoinwhaledata

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。