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Hyperliquid surpasses Solana in circulating USDC, becoming second only to Ethereum

Protocol Fundamentals
17 Sep 2026
Crypto Briefing
View Source
Bullish
Hyperliquid surpasses Solana in circulating USDC, becoming second only to Ethereum

Hyperliquid, a derivatives-focused Layer-1 blockchain, now holds $6.73 billion in circulating USDC, narrowly surpassing Solana's $6.72 billion. This shift marks Hyperliquid as the second-largest chain by USDC supply after Ethereum. Most of Hyperliquid's USDC comes from native issuance on its Ethereum-compatible layer, supported by partnerships with Circle and Coinbase. The platform uses USDC as collateral for its perpetual futures markets, creating a feedback loop that boosts its native HYPE token. This development diversifies stablecoin distribution across chains, reducing concentration risk for USDC.

Hyperliquid's circulating USDC has reached $6.73 billion, surpassing Solana's $6.72 billion. For readers following Hyperliquid's market context, here is Pluang's snapshot as of Sep 17, 2026 20:23 WIB: out of 50 major cryptocurrencies priced on Pluang, 46 rose and 3 fell today. Notable movers include Polkadot (DOT) at Rp18.374 with a 5.63% increase and a Pluang order activity of 38% Sell / 62% Buy, Avalanche (AVAX) at Rp134.956 up 5.39% with 44% Sell / 56% Buy, and Chainlink (LINK) at Rp200.037 rising 5.36% with 53% Sell / 47% Buy. Typical hold times on Pluang range from 63 to 120 days among these assets.

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