Hyperliquid Overtakes Solana as Second-Largest Chain by USDC Supply

Hyperliquid has surpassed Solana in total circulating USDC, making it the second-largest chain behind Ethereum. According to data from Hyperliquid's ecosystem tracker hl.eco, the network's USDC supply has reached approximately $6.73 billion, exceeding Solana's $6.72 billion. This milestone is significant because it highlights the growing importance of Hyperliquid as a derivatives exchange and its own blockchain.

The bulk of Hyperliquid's USDC comes from native issuance on HyperEVM, the chain's Ethereum-compatible execution layer, with a smaller legacy pool bridged from Arbitrum. USDC now accounts for about 98% of Hyperliquid's total stablecoin supply, which sits at $6.85 billion. This is due in part to partnerships with Circle and Coinbase established around May 2025 to 2026, giving Hyperliquid direct access to USDC issuance pipelines.

The HYPE flywheel, a feedback loop between the platform's native token and its protocol design, also contributes to this growth. The platform routes a portion of yield generated from USDC reserves toward HYPE token buybacks and burns, creating a self-reinforcing cycle that drives more USDC deposits and reserve yield.