Circle Deploys Native USDC and CCTP V2 on HyperEVM
- Circle announces USDC deployment on HyperEVM platform.
- Boost in DeFi activities expected due to new capabilities.
- $1.2 billion USDC inflow highlights strong market confidence.
Circle announced the deployment of native USDC and Cross-Chain Transfer Protocol V2 on HyperEVM, Hyperliquid’s smart contract layer, enabling seamless cross-network USDC transactions.
This move aims to boost decentralized finance utility by reducing bridge risks and enhancing liquidity, evidenced by a $1.2 billion USDC inflow to Hyperliquid.
Circle has announced the deployment of native USDC and CCTP V2 on HyperEVM, Hyperliquid’s smart contract layer. This move enhances cross-chain operations by allowing direct minting without relying on wrapped assets.
Key players such as Circle CEO Jeremy Allaire are instrumental in expanding USDC utility. The official communication was made by Circle’s team, emphasizing their focus on reducing bridge risks. As Jeremy Allaire, CEO of Circle, mentioned, “Native USDC and CCTP V2 will be deployed on HyperEVM, enabling USDC deposits to HyperCore and any HyperEVM app.”
The deployment has immediately impacted the market with increased liquidity. Hyperliquid saw a 3% rise in its HYPE token following the announcement, reflecting positive investor sentiment.
Financial implications include significant capital inflow, with over $1.2 billion in USDC entering Hyperliquid recently. This move is likely to increase TVL, indicating growing institutional trust.
Circle’s history with EVM-compatible networks suggests successful cross-chain enhancements. Past deployments have led to DeFi protocol growth and migration from wrapped assets, improving liquidity.
Potential outcomes include streamlined cross-chain swaps and treasury operations. Circle’s regulated stance strengthens USDC’s institutional adoption, supporting compliance and reducing settlement friction across networks.
