Arc and HyperEVM Dominate Stablecoin Growth with $1.2B Surge

Two blockchain platforms, Arc and HyperEVM, have rapidly grown their stablecoin market cap by $1.2 billion in just one week. Circle's new Layer-1 chain, Arc, contributed around $621.5 million of this total, while HyperEVM added another $598.8 million. According to Token Terminal data, this growth far surpasses that of established chains like Avalanche, which saw a mere $128.6 million in stablecoin market cap growth over the same period.

Arc's launch was highly anticipated and came with significant backing from major institutions. With around $649 million in USDC already deployed on its mainnet at launch, Circle's new chain quickly gained traction. Over 100 ecosystem and institutional partners, including BlackRock, Visa, and Mastercard, signed on before Arc's debut.

While Arc made a splashy entrance, HyperEVM's growth has been more gradual but consistent. The EVM-compatible layer within Hyperliquid's ecosystem crossed $1 billion in stablecoin supply back in March 2026, representing 96% growth since February of the same year. More recently, the stablecoin supply on HyperEVM has ballooned to around $5.8 billion.

The rapid growth of Arc and HyperEVM may raise concerns about the underlying usage metrics. Neither platform has published comprehensive data on total value locked in lending protocols or daily transfer volumes during this growth period.