$5.93 Billion Locked in HyperEVM

According to Hyperliquid's official disclosures and on-chain statistics from Hyperliquid Hub, as of June 24, 2026, the USDC supply on HyperEVM has reached approximately $5.93 billion. This figure places HyperEVM as the third largest USDC holder globally among all public chains and scaling environments, following Ethereum and Solana. As a newly launched scaling environment, HyperEVM has rapidly accumulated such a significant volume of assets, showcasing strong capital absorption capabilities, and marking it as an indispensable core node in the on-chain asset landscape.

Currently, this nearly $6 billion USDC is described as being deeply "locked" within the HyperEVM ecosystem, serving as a foundational asset. Ranking as the "third-largest USDC network" not only represents a breakthrough in scale but also signifies that Hyperliquid possesses significant market influence in on-chain liquidity arrangements. This high asset density is not only a direct reflection of ecosystem expansion but also provides substantial support for protocol revenues and the daily buyback mechanism of HYPE tokens, establishing the underlying logic for long-term value capture within this ecosystem.

Revenue Reflow: 90% Buyback HYPE

According to Hyperliquid's official disclosures and on-chain data, the substantial asset stock on HyperEVM is not merely a static liquidity base; the generated revenues have become the core driving force for protocol value capture. As of June 24, 2026, the USDC supply on HyperEVM has reached approximately $5.93 billion, with around 90% of the revenues generated from this asset scale being reflowed to the protocol on a daily basis. This reflow of funds is explicitly designated for executing "daily HYPE buybacks" in the secondary market, directly binding asset scale with token buying pressure in its underlying logic.

Unlike the temporary incentives or one-time buybacks that are common in the industry, HyperEVM's arrangement is defined as a long-term mechanism executed daily, rather than a short-term marketing activity. As HyperEVM establishes its position as the third-largest USDC usage network globally, the nearly $6 billion asset base ensures the synchronized growth of the buyback fund size and asset scale. This design transforms the USDC stock advantage into a continuous on-chain bullish signal, allowing the expansion benefits of the protocol to be directly transmitted to HYPE's market performance through institutionalized buyback pathways.

USDC Heights Reshape Hyperliquid

As of June 24, 2026, the USDC supply on HyperEVM has soared to approximately $5.93 billion, solidifying its position as the third-largest USDC-bearing network globally, only behind Ethereum and Solana. As the core asset high ground of the Hyperliquid ecosystem, this nearly $6 billion in liquidity not only provides exceptional depth support for trading users but also attracts numerous cooperative projects and ecological participants through its scale effects. For Hyperliquid, HyperEVM is no longer merely an execution layer but an asset center with a strong gravitational field, where this concentrated liquidity is reshaping market narratives around the protocol's expectations, giving it the asset foundation to compete directly with top public chains.

At a deeper level, this "USDC high ground" effect, through the revenue buyback mechanism, is pushing Hyperliquid from being a singular decentralized derivatives trading tool to a broader on-chain value closed loop. According to AiCoin data, the official uses about 90% of the revenues generated from this portion of USDC for the daily buyback of HYPE tokens; this institutionalized long-term buyback mechanism deeply binds the growth of USDC's scale with HYPE's market performance. Market sentiment generally views "sustained USDC growth + daily rigid buybacks" as a definitive signal for ecosystem expansion, marking this asset-driven growth model as a successful construction of a self-circulating on-chain economic system by Hyperliquid.

Is the Buying Pressure Sustainable? Risks and Variables

Despite HyperEVM establishing its status as the third-largest USDC network globally with a supply of $5.93 billion, whether this daily HYPE buyback mechanism driven by approximately 90% of revenues can withstand economic cycles remains uncertain. According to AiCoin data, the current buyback scale is highly dependent on the stock size of USDC and its yield performance in specific market environments. In the absence of future adjustment guidelines, this deep dependence on a single asset's revenue source constitutes a potential risk: should market benchmark interest rates decline or there be a substantial migration of USDC stock, it will directly reduce the funds available for buyback HYPE. Therefore, the long-term effectiveness of this mechanism will depend on whether HyperEVM can continuously maintain exceptionally high asset stickiness. The core indicators for further observation include real-time fluctuations in USDC stock levels and whether the protocol governance layer will issue new parameter adjustment announcements regarding buyback rules.

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