Hyperliquid USDC Supply Overtakes Solana to Rank Second Behind Ethereum

Hyperliquid has moved into the second spot for circulating USDC, edging past Solana. Data from hl.eco shows the derivatives-focused Layer-1 chain now holds approximately $6.73 billion in USDC, compared to Solana's $6.72 billion.

The majority of this supply, about $6.28 billion, is natively issued on HyperEVM. The remaining $453.6 million consists of legacy assets bridged from Arbitrum. USDC currently makes up 98% of the network's $6.85 billion total stablecoin supply.

The protocol uses USDC as the primary collateral for its perpetual futures markets. Infrastructure partnerships with Circle and Coinbase, formed between May 2025 and 2026, provided the necessary minting and treasury capabilities to support this growth.

Solana previously saw its USDC supply reach roughly $8 billion in late August 2026 following $11 billion in mints, before pulling back to its current level.

Hyperliquid’s design links USDC deposits to its native HYPE token. Yield generated from USDC reserves is directed toward HYPE buybacks and burns, creating a feedback loop where increased stablecoin deposits drive buying pressure for the token.

This shift highlights the concentration of stablecoin activity on the platform, which functions primarily as a derivatives exchange rather than a general-purpose smart contract chain. For Circle, the distribution of USDC across networks like Hyperliquid, Ethereum, and Solana serves to reduce concentration risk and increase the stablecoin's utility.