Bigger Questions Follow Native USDC on HyperCore ↔ HyperEVM

A breakthrough on the surface, a stress test underneath.

Native USDC finally went live on HyperCore ↔ HyperEVM: a milestone the community has waited for almost two years.
On paper, it brings trust, liquidity, and legitimacy to the fastest-growing derivatives ecosystem in crypto.

But underneath, the update exposes something deeper: Hyperliquid’s stablecoin layer is entering a strain point.

For two years, the ecosystem grew without strong Circle support. Users built around alternatives, and expectations shifted toward USDH: the native stablecoin meant to keep yield and value inside Hyperliquid.

But the moment USDC arrived, the imbalance became clear:

• USDC still holds the liquidity and trust

• USDH holds the alignment and the pressure to grow faster than it realistically can

With billions in USDC still stuck on old bridges and liquidity split between Core and EVM, the upgrade didn’t solve the problem. It revealed how sensitive the foundations still are.

How Hyperliquid can keep scaling when its money layer is being pulled in two directions.

2026 will decide one thing: can Hyperliquid stay fast when its stablecoin layer needs to slow down?