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Circle's Record $4.4B USDC Transfer Fuels Hyperliquid Growth
14 Jun
Summary
- Circle transferred $4.4 billion in USDC, the largest transaction ever.
- The move facilitates Coinbase's new role as Hyperliquid's treasury deployer.
- This strategic shift makes USDC Hyperliquid's exclusive quote asset.
On June 11, 2026, financial technology firm Circle initiated its largest USDC transaction to date, transferring approximately $4.4 billion.
The funds moved from Circle's CoreDepositWallet to a Coinbase-controlled treasury address on HyperEVM, the smart contract network for the derivatives exchange Hyperliquid.
This large-scale transaction occurred without any fees on the HyperEVM network, which uses Hyperliquid's native token, HYPE, for gas fees.
While not officially confirmed by either company, the transfer appears linked to a May 2026 announcement. Under this arrangement, Coinbase is now responsible for the treasury management, while Circle handles the technical deployment of USDC across various chains.
As a result of this partnership, USDC has become Hyperliquid's exclusive quote asset, leading to the discontinuation of the USDH token.
