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Circle moves $4.4 billion USDC to Coinbase-linked HyperEVM address

Circle moves $4.4 billion USDC to Coinbase-linked HyperEVM address

Aakash Gupta said the USDC was moved in a single HyperEVM block with second-level confirmation and zero on-chain fees, and deployed into Hyperliquid to support derivatives margin and settlement.

USDC
HYPE

Fact Check
The claim traces back to blockchain analytics firm Arkham (@arkham), which is the cited origin in the task and in Odaily. Multiple independent crypto outlets — Wu Blockchain, crypto.news, Coin Bureau, and Odaily — corroborate the same facts: Circle transferred USDC (precise figure 4.397 billion, rounded to $4B by some) to a Coinbase-linked address on the HyperEVM network, described as the largest single on-chain USDC transfer on record, on June 12, 2026. The transfer is consistently linked to Coinbase's role as USDC treasury deployer for Hyperliquid. The exact 4.397 billion figure appears in Wu Blockchain and Coin Bureau reports. No conflicting evidence was found. The main caveat is that all reporting derives from a single primary analytics source (Arkham) rather than direct confirmation from Circle or Coinbase, slightly limiting certainty.
Summary

Circle transferred about $4.397 billion in USDC to a Coinbase-linked address on HyperEVM, according to Arkham data, in what Arkham described as the largest single USDC transfer recorded so far. Tech observer Aakash Gupta said the transfer was executed in a single HyperEVM block with second-level confirmation and zero on-chain fees, and that the Circle-issued USDC was deployed into the Hyperliquid ecosystem to support margin and settlement for its derivatives market. The move followed Hyperliquid validators’ approval and rollout of AQAv2, a stablecoin framework and balance-management mechanism under which Circle handles technical deployment, Coinbase manages treasury deployment and management, and about 90% of cost-adjusted reserve income generated within Hyperliquid is distributed to the protocol in 30-day cycles beginning with accrual on August 26 and a first payment due October 3.

Terms & Concepts
  • HyperEVM: Hyperliquid’s EVM-compatible network and execution environment, where the transfer took place.
  • AQAv2: Hyperliquid’s stablecoin framework and balance-management mechanism, designed to align approved stablecoins with protocol incentives and route most cost-adjusted reserve income to the protocol.
  • USDC: A dollar-pegged stablecoin issued by Circle.