Yes, they have a direct strategic, financial, and technological relationship. Circle (the company that issues the USDC stablecoin) is one of the most important allies within the Hyperliquid ecosystem.
The 3 key ways they are related are:
- USDC is the base currency of Hyperliquid (the finance blood). Circle’s digital dollar, USDC, is the reference currency and primary collateral used in Hyperliquid to conduct trading operations and back derivatives contracts.
- Native infrastructure: Circle deployed USDC natively on the HyperEVM layer and connected its Cross Chain Transfer Protocol (CCTP). This allows users to move funds between different blockchains and Hyperliquid instantly and without needing to use less secure “wrapped” versions. Blocmates
- Circle is a direct investor in Hyperliquid: they also has a stake in the game: It acquired direct shares in the network’s native token ($HYPE).
- It joined as a validator node on the Hyperliquid network to participate in security and decentralized transaction processing. Probably to understand their money is in a safe place.
- Yield-Sharing Agreement: Together with Coinbase (USDC distributor), Circle entered into a strategic agreement with the network to share the interest generated by reserves backed by US Treasury bonds. Yes, you hear right, US bonds.
In summary, USDC acts as the “financial lifeblood” of the exchange, while Circle acts as an infrastructure partner and investor in the Hyperliquid network.
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