Circle Sends $4B USDC to Coinbase Address on HyperEVM

Circle transferred more than $4 billion in USD Coin to a Coinbase-linked address on HyperEVM, the Ethereum-compatible smart contract environment inside the Hyperliquid network, in early June. On-chain monitoring flagged the transaction as one of the largest stablecoin transfers on record.

On-chain data show USDC accounts for over 95% of Hyperliquid’s stablecoin supply. Total stablecoins on the network rose about 20% to roughly $7.04 billion in the period leading up to the early June tally. USDC deployed on HyperEVM exceeds $6 billion, while USDT balances on the chain are around $192 million.

Trading and derivatives activity on Hyperliquid increased at the same time. Perpetual futures open interest across the ecosystem climbed above $8 billion. Hyperliquid’s HIP-3 ecosystem, launched in October 2025, reached a peak open interest of $3.2 billion and has generated more than $200 billion in cumulative trading volume.

Large transfers between issuers and custodial addresses are a routine part of crypto infrastructure. The $4 billion USDC movement occurred alongside the rise in stablecoin supply and open interest on Hyperliquid.

Market participants and analysts noted that recent events in risk-asset markets, including the SpaceX initial public offering, coincided with higher activity in speculative and derivatives markets and with the timing of the on-chain flows.

Circle is the issuer of USDC and Coinbase operates as a major exchange and custodian that holds and distributes the token. HyperEVM is Hyperliquid’s smart contract layer that supports trading, liquidity provision and derivatives on the network.