Circle is now a HYPE holder, has introduced native USDC to Hyperliquid and is considering becoming a network validator.
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Stablecoin issuer Circle is expanding into Hyperliquid with an investment and the launch of native USD Coin on the protocol, as stablecoin competition on the network intensifies.
According to a Tuesday announcement, Circle is now a stakeholder in the Hyperliquid ecosystem, directly holding its native cryptocurrency Hyperliquid (HYPE). Circle is also considering becoming a validator for the protocol.
The company, which , is behind the USDC (USDC) stablecoin, a digital asset redeemable 1:1 for US dollars. The token will be natively deployed on HyperEVM, Hyperliquid’s smart contract layer.
“This launch is the first step toward enabling USDC deposits into Hyperliquid’s spot and perpetuals exchange on HyperCore,” Circle on X.
Circle announced plans to expand into the Hyperliquid ecosystem in July. “Today’s launch is simply delivering on that roadmap,” a company spokesperson told Cointelegraph.
Hyperliquid is a decentralized finance ecosystem that specializes in derivatives trading. In July, the protocol nearly a year after launching its layer-1 network.
The protocol announced in September a competition to select a partner to develop its own stablecoin, and crypto firms including Paxos, Frax, Sky, Agora, Ethena, OpenEden, BitGo and Native Markets.
On Sunday, the protocol said its validator community to issue Hyperliquid’s upcoming native stablecoin, USDH.
Validators on Hyperliquid are HYPE holders who stake their tokens to help secure the blockchain, validate transactions and take part in governance. The top 21 by stake make up the active validator set, which is responsible for proposing and confirming blocks on the network.
Currently, about 430 million HYPE tokens are on the network. Top validators include Galaxy Digital, Flowdex and the Hyper Foundation, which supports Hyperliquid’s development.
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