Circle and USDC Expand Partnership with Hyperliquid Today, we officially launched native USDC and CCTP V2 on the HyperEVM, marking a significant milestone in our expansion and collaboration with the Hyperliquid ecosystem, bringing the world's most reliable, liquid, interoperable, and globally accepted USD stablecoin to the community. Additionally, in the coming weeks, we will enable direct deposits and CCTP interoperability for Hyperliquid USDC on HyperCore. In addition to this launch, Circle has become a direct stakeholder in the Hyperliquid ecosystem, having invested in the first batch of HYPE tokens and developing a comprehensive program to collaborate with the community's most innovative HIP-3 and HyperEVM developers. We are also evaluating the possibility of becoming a Hyperliquid validator. Over the past few months, the Circle team has had the pleasure of connecting with the Hyperliquid core team and the many new startups and developers building on the HyperEVM and HIP-3. This is undoubtedly one of the most impressive communities and platforms in the entire crypto ecosystem. Understanding USDC's Value in the Broader Crypto Ecosystem Our expansion and broader participation at Hyperliquid builds on nearly eight years of work building public market infrastructure and network utility for the internet's dollar within the broader crypto ecosystem. In many ways, launching a new USD stablecoin today is no easy task; we've seen the launch of hundreds of stablecoins over the past decade. However, building global-scale liquidity (trillions in Level 1 liquidity), deep cross-chain blockchain infrastructure, and massive utility for developers, traders, and end users (thousands of applications and services, tens of trillions in on-chain transactions) is a monumental undertaking. Every new USDC in circulation inherits this global liquidity and platform utility; every new developer who integrates a product, protocol, or service expands the utility for all others. This flywheel of developers fuels the creation of an incredible public internet utility for securely storing and transferring USD globally. Thousands of products and services integrating USDC have cumulatively facilitated nearly $40 trillion in on-chain transactions. Beyond this, Circle has invested an equally significant amount of time in building the deepest primary liquidity for global USD stablecoins. This primary liquidity, derived from Circle's regulated institutional infrastructure and deep banking connections, now covers most major global financial market centers: Circle provides large-scale primary liquidity for USDC, with direct access to the banking systems in the US, UK, EU, Singapore, Hong Kong, Brazil, Japan, and soon, the UAE. We collaborate with key policymakers and regulators around the world to ensure the safe and efficient use of stablecoins on public blockchains. Our global regulatory work has helped Circle build primary liquidity through partnerships with banking institutions, including some of the largest and most respected in the world. This "digital dollar dial tone" now exists at scale and allows financial institutions, market makers, banks, payment companies, asset managers, neobanks, and upstream and downstream companies to seamlessly create and redeem USDC globally. Over time, we have minted and redeemed over $1 trillion in USDC, always maintaining a 1:1 ratio. Equally important is USDC's secondary liquidity, which is widely available on many of the world's largest exchanges, brokers, and payment platforms. This secondary liquidity includes fiat conversions in over 185 countries and deep liquidity for nearly all major global crypto assets. In fact, USDC's spot and perpetual contract liquidity has significantly increased in recent years. Yields on the Binance spot market for BTC/USDC and perpetual contracts range from 0.2bps to 0.1bps, respectively, while yields on USDT range from 0.1bps to 0.2bps. The choice of USD stablecoin by any trader, developer, or end user will ultimately depend on the breadth and interoperability of the stablecoin network, as well as the global underlying (primary and secondary) liquidity of USD stablecoins. All of this translates into capital efficiency, which remains absolutely critical as all financial activity moves on-chain, and appears to be rapidly moving to Hyperliquid. We are excited to bring this deep underlying liquidity and capital efficiency to the Hyperliquid ecosystem. Blockchain Network Infrastructure and Interoperability for Hyperliquid Traders and Users Beyond the value of USDC's global liquidity and network reach, we have been investing for years to ensure USDC has the broadest and deepest global interoperability. We are committed to supporting multiple chains and building core protocols to enable secure and seamless cross-chain connectivity (CCTP, Circle Gateway), making USDC easy to move across users' most popular platforms and applications. End users, protocols, and financial services companies need to ensure that customers can securely and seamlessly transfer their digital currencies across all major web platforms. Just as Spotify and Netflix ensure their media content is available everywhere, Circle is committed to building a platform that enables our stablecoin to effectively be "available everywhere," with the trust, transparency, and capital efficiency the world expects. With native USDC on the HyperEVM, CCTP Vv2 interoperability, and upcoming HyperCore support, every Hyperliquid user and developer will be able to seamlessly transfer their digital currency across the cryptoeconomy. This also means that fintech companies, on- and off-ramps providers, and other services can seamlessly integrate with Hyperliquid to create the world's most liquid digital dollar. Circle's Business and Investments in the Hyperliquid Ecosystem Over the past decade, we have built Circle into a broad-based and increasingly full-stack internet finance platform, expanding globally and investing to build this powerful internet utility. We are still in the early stages of this journey, and like many others in the cryptocurrency space, we recognize that we are only at the beginning of the transition of all finance to on-chain. As a global, publicly traded company, we are committed to building long-term shareholder value, which means investing in product and distribution to build an internet economy that can ultimately support trillions of dollars in economic activity. Over the past few years, we have continuously expanded our partnerships with leading companies, protocols, and projects to build the future of internet finance. Our approach to investing, sharing value, and creating value with partners committed to growing with us is also evolving. Building the internet financial system isn't a zero-sum game; it's a platform and ecosystem game, and those who embrace a "big tent" mentality, seek collaboration, support the developer ecosystem, and share in shared value creation are most likely to thrive together. What does all this mean for our investment in the Hyperliquid ecosystem? Now that our platform is natively integrated into the Hyperliquid ecosystem, we are expanding our investments in several key areas—this is just the beginning, and we intend to continue iterating and actively engaging with the community to drive shared growth. These initiatives include: Circle has become a direct shareholder in HYPE. This is just the beginning, and we will continue to iterate based on the mutual benefit of Hyperliquid and USDC; there will be more initiatives to come. We are actively exploring more ways to further participate in the community, including the possibility of becoming a Hyperliquid validator. We're launching a new, exclusive incentive program for HyperEVM and HIP-3 developers—if you're building on HyperEVM and HIP-3, we're ready to work with you to drive growth and value. Native support for USDC and CCTP Vv2 on HyperEVM and HyperCore is just the beginning—Circle is investing in developer tooling and additional on-chain protocol work, which we plan to build upon with our strong support for Hyperliquid. Circle has opened the Hyperliquid ecosystem for business—if you're a developer, we're making our public SDK and API available to you today. If you're a financial institution, trading and marketplace firm, or an enterprise looking to build on Hyperliquid, you can work with Circle Business Development to join Circle Mint and access, mint, and redeem USDC for use on Hyperliquid. Hyperliquid's time has come We've been amazed by Hyperliquid's growth and success over the past year, and we've gotten to know Jeff and his team, as well as many of the important emerging builders in the ecosystem.