#Hyperliquid上USDC供应量超越Solana Hyperliquid's USDC supply on-chain surpasses Solana
On-chain data, 2026‑09‑17
Key data
- Hyperliquid L1 on-chain USDC supply: $6.912 billion
- Solana on-chain USDC supply: $6.845 billion
- Hyperliquid USDC makes up 98%+ of this chain’s stablecoin total, almost all of which is derivatives trading collateral; there is nearly no value locked in ordinary DeFi applications.
- Structure: includes native CCTP USDC + USDC bridged in via the Arbitrum cross-chain bridge; all of it is used as collateral for perpetual contracts.
Background and mechanisms
1. Hyperliquid is an L1 focused on on-chain perpetual contracts. USDC is the only major collateral asset. Large numbers of traders deposit funds to open positions, continuously accumulating USDC on-chain.
2. AQAv2 rollout: Coinbase, as the deployer of the USDC treasury, earns interest income from US Treasury bills generated by the USDC reserves. Part of this flows into the protocol assistance fund to buy back and burn HYPE tokens.
3. Comparison: Solana’s USDC is distributed across multiple scenarios such as DEXs, NFTs, lending, and contracts; Hyperliquid’s USDC is highly concentrated in derivatives trading.
Market takeaways
- Milestone: Hyperliquid has become the second-largest public chain by USDC stock, just behind Ethereum.
- Risk points: USDC is highly dependent on contract trading. If the derivatives market experiences a major downturn, on-chain USDC could quickly flow out; the on-chain ecosystem is single-focused, lacking diversified applications to absorb the capital.
⚠️ The above is only a compilation of publicly available on-chain information and does not constitute investment advice
On-chain data, 2026‑09‑17
Key data
- Hyperliquid L1 on-chain USDC supply: $6.912 billion
- Solana on-chain USDC supply: $6.845 billion
- Hyperliquid USDC makes up 98%+ of this chain’s stablecoin total, almost all of which is derivatives trading collateral; there is nearly no value locked in ordinary DeFi applications.
- Structure: includes native CCTP USDC + USDC bridged in via the Arbitrum cross-chain bridge; all of it is used as collateral for perpetual contracts.
Background and mechanisms
1. Hyperliquid is an L1 focused on on-chain perpetual contracts. USDC is the only major collateral asset. Large numbers of traders deposit funds to open positions, continuously accumulating USDC on-chain.
2. AQAv2 rollout: Coinbase, as the deployer of the USDC treasury, earns interest income from US Treasury bills generated by the USDC reserves. Part of this flows into the protocol assistance fund to buy back and burn HYPE tokens.
3. Comparison: Solana’s USDC is distributed across multiple scenarios such as DEXs, NFTs, lending, and contracts; Hyperliquid’s USDC is highly concentrated in derivatives trading.
Market takeaways
- Milestone: Hyperliquid has become the second-largest public chain by USDC stock, just behind Ethereum.
- Risk points: USDC is highly dependent on contract trading. If the derivatives market experiences a major downturn, on-chain USDC could quickly flow out; the on-chain ecosystem is single-focused, lacking diversified applications to absorb the capital.
⚠️ The above is only a compilation of publicly available on-chain information and does not constitute investment advice