Hyperliquid’s circulating USDC supply has reached approximately $6.73 billion, narrowly surpassing Solana’s $6.72 billion and making it the second-largest chain by circulating USDC behind Ethereum. About $6.28 billion was natively issued on HyperEVM, while roughly $453.6 million remains bridged from Arbitrum. USDC represents approximately 98% of Hyperliquid’s $6.85 billion stablecoin supply and serves as the primary collateral for its perpetual futures markets. Partnerships with Circle and Coinbase, established around May 2025 to 2026, supported the minting and treasury infrastructure behind the expansion. Solana’s USDC supply has declined from approximately $8 billion in late August 2026, after Circle processed roughly $11 billion in mints that month. Hyperliquid’s reserve-yield structure also directs part of the proceeds toward HYPE token buybacks and burns, linking USDC growth with the network’s native-token economics.