Hyperliquid surpasses Solana in total circulating USDC, becomes second only to Ethereum

Hyperliquid, the perpetual futures-focused Layer-1 blockchain, now holds more circulating USDC than Solana. According to data from the Hyperliquid ecosystem tracker hl.eco, the network’s USDC supply has reached approximately $6.73 billion, narrowly exceeding Solana’s $6.72 billion. That makes Hyperliquid the second-largest chain by circulating USDC, trailing only Ethereum. How Hyperliquid got here The bulk of Hyperliquid’s USDC, roughly $6.28 billion, comes from native issuance on HyperEVM, the chain’s Ethereum-compatible execution layer. A smaller legacy pool of about $453.6 million remains bridged from Arbitrum, a holdover from Hyperliquid’s earlier architecture. USDC now accounts for approximately 98% of Hyperliquid’s total stablecoin supply, which sits at $6.85 billion. USDC functions as the primary collateral for Hyperliquid’s perpetual futures markets, with the protocol’s entire margin system built around it. Partnerships with Circle and Coinbase, established around May 2025 to 2026, have supported the minting and treasury infrastructure that enabled this scale, giving Hyperliquid direct access to USDC issuance pipelines rather than relying solely on bridged supply from other...