Circle moved about $4.4 billion in USDC to a Coinbase address through HyperEVM, according to Arkham, in what the analytics firm called the largest USDC transaction ever.
Summary
- Circle moved 4.397 billion USDC to Coinbase on HyperEVM, Arkham said, marking a record transfer.
- The transfer follows Coinbase becoming Hyperliquid’s official USDC treasury deployer under its AQA framework.
- Hyperliquid uses USDC as a core quote and settlement asset across its trading ecosystem.
Circle sends record USDC transfer
Arkham said Circle moved $4 billion to Coinbase on HyperEVM. The transfer involved about 4.397 billion USDC and went to a Coinbase-linked address.
“Circle just moved $4 billion to Coinbase on HyperEVM,” said Arkham.
The transfer stood out because of its size and route. HyperEVM is linked to the Hyperliquid ecosystem, where USDC plays a main role in trading, quoting, and settlement.
Arkham also described the move as the largest USDC transaction ever. The transaction has drawn attention because it connects Circle, Coinbase, and Hyperliquid at a time when stablecoin liquidity is becoming more central to onchain markets.
Coinbase role on Hyperliquid adds context
The transfer appears connected to Coinbase’s role as Hyperliquid’s USDC treasury deployer. Coinbase announced in May that it would expand support for USDC on Hyperliquid under the Aligned Quote Asset framework.
Coinbase said the setup would strengthen USDC’s role as the preferred stablecoin for onchain capital markets. The company also said concentrating liquidity around USDC could make markets more efficient by reducing the need for conversions.
USDC had already become the leading stablecoin on Hyperliquid. Coinbase said USDC supply on Hyperliquid had reached about $5 billion and had doubled year over year.
That makes the large Circle transfer easier to read as part of a wider treasury and liquidity setup, rather than a normal exchange deposit. Still, neither Circle nor Coinbase had issued a separate public statement on this specific transfer at the time of writing.
Hyperliquid shifts stablecoin structure
The Coinbase and Hyperliquid arrangement also affects USDH, the Native Markets stablecoin tied to the ecosystem. Coinbase said Native Markets agreed to terms giving it the right to purchase USDH brand assets.
USDH markets remain active for now, but Coinbase said they will be phased out over time. Users can still convert USDH to USDC without fees or redeem it for fiat during the transition.
Hyperliquid has also said Circle will serve as the technical deployer for CCTP and native cross-chain infrastructure. Coinbase will handle the USDC treasury side, while Circle supports the technical flow of USDC across chains.
As previously reported by crypto.news, Hyperliquid had already reached record trading activity before this treasury shift. Moreover, Circle’s native USDC and CCTP V2 were expected to support direct on and off ramps, cross-chain transfers, and better liquidity for DeFi and derivatives markets.
The record transfer puts fresh attention on stablecoin flows across major onchain trading venues. USDC is widely used for collateral, settlement, and quote markets, so large treasury movements can shape liquidity conditions.
