Circle’s native USDC and CCTP V2 are coming to Hyperliquid, a high-performance blockchain built for decentralized finance (DeFi). These upgrades are important because they make it easier and safer to move and use USDC (a popular stablecoin) directly on the Hyperliquid network and across other blockchains.
What Is Native USDC?
USDC is a stablecoin developed by Circle, which is collateralized 1:1 with U.S. dollars. That is, each USDC is worth $1. It’s regulated, fully reserved, and transparent, thus a reliable digital dollar.
By launching native USDC on Hyperliquid, the stablecoin will be directly on the Hyperliquid blockchain, on top of HyperEVM, their smart contract layer. This brings multiple benefits:
- Users will be able to deposit USDC directly to Hyperliquid’s trading layer (HyperCore).
- Native USDC will power trades, payments, and financial apps across the network.
- Institutions can use Circle Mint, a service by Circle, to easily move large amounts of USDC on/off-chain, though this feature is not available for individuals yet.
What Is CCTP V2?
CCTP refers to Cross-Chain Transfer Protocol. It’s a technology created by Circle in order to enable secure, native USDC transfers between blockchains, without the wrapping or bridging of assets.
With CCTP V2, users will be able to:
- Move USDC between Hyperliquid and other CCTP-supported blockchains seamlessly.
- Do this with 1:1 capital efficiency (no value lost or locked).
- Build apps that use USDC across chains for trading, swapping, treasury management, or user onboarding.
This unlocks a truly connected DeFi experience, allowing developers to offer smooth cross-chain services and users to move their funds freely and securely.
Key Use Cases
Native USDC and CCTP V2 enable a number of key use cases on Hyperliquid. Traders can employ USDC as perpetual stable collateral or a spot quote asset. Developers are able to create DeFi applications with USDC for quick payments, lending, and other services. With CCTP V2, users are able to transfer USDC across chains without restriction, increasing cross-chain liquidity and eliminating fragmentation.
What’s Next?
Launch times and contract addresses remain “Coming Soon”, but users and developers already have a head start to develop or exchange more robust, optimized tools. For questions or updates, the team invites users to join their Discord community.
