HyperliquidX surpasses Solana in total circulating USDC
Summary
Hyperliquid has surpassed Solana in total circulating USDC, highlighting a significant shift in stablecoin dynamics. This change reflects a concentration of liquidity driven by derivatives trading on specialized platforms like Hyperliquid, where USDC has become the primary quote and collateral asset due to agreements with Circle and Coinbase.
Tokens
$USDC
Analysis
Solana: Solana is a high-performance layer-1 blockchain focused on speed, scalability, and low-cost transactions for decentralized applications and payments. It maintains a prominent stablecoin ecosystem supporting DeFi and institutional use cases. Recent integrations include direct stablecoin banking rails with US financial institutions for seamless fiat conversions. HyperliquidX: Hyperliquid is a specialized blockchain optimized for high-speed onchain perpetual futures and derivatives trading. It has emerged as a major venue for derivatives settlement, driving substantial USDC inflows as the primary collateral asset. Recent developments include ETP listings on European exchanges and progress toward compliant US market access through partnerships with regulated entities. Market Alignment: USDC has been established as the primary quote and collateral asset on Hyperliquid through agreements involving Circle and Coinbase. Stablecoin Shift: Hyperliquid overtook Solana in total circulating USDC, reflecting derivatives-driven liquidity concentration on specialized trading chains.
Categories
cryptodefihyperliquidsolanaripple
Related sources
- https://www.coingabbar.com/en/solana-news-column-stablecoin-banking-update
- https://www.odaily.news/en/newsflash/517873
- https://www.forbes.com/sites/digital-assets/2026/06/02/nobody-was-supposed-to-build-a-real-exchange-on-a-blockchain/
- https://www.benzinga.com/pressreleases/26/09/g61833719/virtune-lists-virtune-hyperliquid-etp-warsaw-stock-exchange
- https://solanacompass.com/news/circle-minted-11-billion-in-usdc-on-solana-in-august-pushing-solana-past-10-of-total-supply
- https://www.odaily.news/en/newsflash/518449
- https://solanacompass.com/tokens/hyperliquid
- https://assets.ctfassets.net/qtbqvna1l0yq/2Ww5QUmNhe8q0OhTlkRzjJ/7d82ee41b8c59e1e68c32813de8d757b/Hyperliquid__HYPE__Analysis_and_Valuation_English.pdf
- https://www.youtube.com/watch?v=QqY9d7Lxu0A
- https://www.coindesk.com/tag/hyperliquid
- https://www.theblockbeats.info/flash/367626
- https://www.wublockchain.xyz/tag/hyperliquid
- https://solanacompass.com/news/solana-reaches-10-of-global-usdc-supply-as-circle-mints-500m-in-a-single-day
- https://www.cryptopolitan.com/spacex-flips-solana-volumes-on-hyperliquid/
- https://www.bankless.com/read/what-the-hyperliquid-stablecoin-deal-was-really-about
- https://public.com/crypto/hype/news
- https://www.cryptotimes.io/tag/hyperliquid/
- https://ca.advfn.com/stock-market/COIN/HYPEUSD/crypto-news/98582972/hyperliquid-flips-solana-by-fdv-as-revenue-chain
- https://stablecoinbeat.com/networks/solana/
- https://solanafloor.com/news/column-makes-solana-the-default-network-for-stablecoin-banking