Hyperliquid flips Solana! Is USDC liquidity accelerating in its migration?
On September 17, the amount of USDC on the Hyperliquid network officially surpassed Solana, becoming one of the chains with the largest circulating supply of USDC.
Latest data shows:
💵 Hyperliquid USDC: about $6.89 billion
💵 Solana USDC: about $6.97 billion
They are already very close, and Hyperliquid’s recent USDC supply growth has been particularly noticeable. Data indicates that over the past 30 days, Hyperliquid’s USDC supply increased by about 13.4%.
Behind this is a change worth paying close attention to:
Stablecoins are moving along with trading demand.
Hyperliquid itself is known for perpetual contracts and on-chain trading, and USDC is its most important stablecoin in the ecosystem, currently making up about 98% of Hyperliquid’s stablecoin supply.
In other words:
Trading activity → USDC enters → Liquidity increases → More traders join
This may be creating a positive feedback loop.
Even more interesting is that Hyperliquid has previously continued expanding its share in the derivatives market. Now that even USDC supply is starting to catch up to Solana, it suggests that competition in the market is shifting from simply “L1 chain activity” toward which ecosystem can support more real capital and trading liquidity.
Solana’s strength lies in its ecosystem and applications, while Hyperliquid is building its moat with trading and liquidity.
What to watch next:
Whether USDC can continue to stay on Hyperliquid, and whether this liquidity can translate into sustained on-chain trading volume.
#Hyperliquid #solana #USDC #hyperliquid上usdc供应量超越solana
On September 17, the amount of USDC on the Hyperliquid network officially surpassed Solana, becoming one of the chains with the largest circulating supply of USDC.
Latest data shows:
💵 Hyperliquid USDC: about $6.89 billion
💵 Solana USDC: about $6.97 billion
They are already very close, and Hyperliquid’s recent USDC supply growth has been particularly noticeable. Data indicates that over the past 30 days, Hyperliquid’s USDC supply increased by about 13.4%.
Behind this is a change worth paying close attention to:
Stablecoins are moving along with trading demand.
Hyperliquid itself is known for perpetual contracts and on-chain trading, and USDC is its most important stablecoin in the ecosystem, currently making up about 98% of Hyperliquid’s stablecoin supply.
In other words:
Trading activity → USDC enters → Liquidity increases → More traders join
This may be creating a positive feedback loop.
Even more interesting is that Hyperliquid has previously continued expanding its share in the derivatives market. Now that even USDC supply is starting to catch up to Solana, it suggests that competition in the market is shifting from simply “L1 chain activity” toward which ecosystem can support more real capital and trading liquidity.
Solana’s strength lies in its ecosystem and applications, while Hyperliquid is building its moat with trading and liquidity.
What to watch next:
Whether USDC can continue to stay on Hyperliquid, and whether this liquidity can translate into sustained on-chain trading volume.
#Hyperliquid #solana #USDC #hyperliquid上usdc供应量超越solana