Hyperliquid overtakes Solana in USDC volume, becomes second after Ethereum
- —USDC on Hyperliquid — $6.73 billion versus $6.72 billion on Solana
- —Of that, $6.28 billion is native issuance on HyperEVM, $453.6 million bridged from Arbitrum
- —USDC accounts for 98% of the network's stablecoins, with total supply of $6.85 billion
- —In August 2026, USDC supply on Solana reached $8 billion
Why it matters: The growth of USDC on Hyperliquid strengthens its futures market and, through HYPE buybacks, creates pressure on the token, shifting the stablecoin balance between networks.
Source: Crypto Briefing