The stablecoin issuer makes its first HYPE token purchase as it signals deeper intentions within Hyperliquid governance
SkillUp/Shutterstock and Adobe modified by Blockworks
Circle announced on Tuesday that it has taken a direct stake in the Hyperliquid ecosystem, marking its first purchase of HYPE tokens and hinting at an expanded governance role in the future.
The move comes alongside the launch of native USDC and cross-chain transfer protocol CCTPv2 on HyperEVM, which will allow users to move Circle’s stablecoin seamlessly across the exchange’s infrastructure. Circle also disclosed that it is considering becoming a Hyperliquid validator, a step that would position the company as an active participant in network security and consensus.
“Circle is open for business with the Hyperliquid Ecosystem – if you are a developer, our public SDKs and APIs are available for you today; if you are a financial institution, trading and markets firm, or enterprise looking to build on Hyperliquid, you can engage with Circle BD, onboard with Circle Mint, access and mint and redeem USDC for Hyperliquid,” Circle wrote in a blog post.
The decision reflects Circle’s strategy to go beyond integrating USDC into trading venues and toward influencing protocol development and governance. Validators in proof-of-stake systems are responsible for verifying transactions and maintaining the network’s integrity, often shaping its future direction.
Circle framed the investment as part of a broader plan to support HyperEVM and HIP-3 developers with dedicated incentive programs and new on-chain tools. The company has also emphasized its regulatory standing and global liquidity base, citing more than $1 trillion in cumulative USDC minting and redemption to date.
The entry into Hyperliquid governance raises questions about how traditional firms navigate roles typically held by decentralized actors.
This is a developing story.
This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- 0xResearch: Alpha in your inbox. Think like an analyst.
- Empire: Crypto news and analysis to start your day.
- Forward Guidance: The intersection of crypto, macro and policy.
- The Drop: Apps, games, memes and more.
- Lightspeed: All things Solana.
- Supply Shock: Bitcoin, bitcoin, bitcoin.
Decoding crypto and the markets. Daily, with Byron Gilliam.
Mon – Wed, October 13 – 15, 2025
Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.
Research
Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.
news
Breaking headlines across our core coverage categories.
At BaseCamp 2025, Jesse Pollak confirmed early discussions on a Base token, and committed to building on Ethereum
A no-code workspace to shape Blockworks data into custom visuals. Live today!
Risk Committee confirms conditions met, with governance vote to finalize Ethena’s revenue-sharing framework for ENA holders
The new Ethereum Foundation initiative aims to standardize AI-agent protocols and build a decentralized AI stack for long-term use
P2P.org launches pre-activated validators to bypass Ethereum’s sometimes multi-week entry queue.
Helius, backed by Pantera and Summer Capital, will acquire SOL as reserve asset in new Nasdaq-listed treasury strategy
