Hyperliquid: USDC Supply

Formula

USDC Supply (day D) = USDC held by Hyperliquid's bridge contract on Arbitrum One + total supply of native USDC on HyperEVM, both read at the last block before 00:00 UTC of day D+1. Net flow (D) = USDC Supply (D) − USDC Supply (D−1). Bridge: Bridge2 0x2Df1c51E09aECF9cacB7bc98cB1742757f163dF7, holding USDC 0xaf88d065e77c8cC2239327C5EDb3A432268e5831 (6 decimals). Native USDC on HyperEVM: 0xb88339CB7199b77E23DB6E890353E22632Ba630f, zero until its first mint on 2025-08-21 (contract deployed 2025-08-12).

How to read it

Hyperliquid runs its markets in dollars, and the dollar it uses is USDC. That USDC reaches the platform in two ways. From the start, users have sent USDC from Arbitrum to Hyperliquid's bridge contract, which keeps every deposited dollar until it is withdrawn. Since August 2025 Circle also issues USDC natively on HyperEVM, Hyperliquid's own EVM chain, so dollars can arrive without passing through Arbitrum at all. The chart adds the two up at the end of every UTC day: the shaded area is the total, and the two lines show where it sits.

The lower panel is the daily net flow, the change of the total from one day to the next. Green bars are days on which more USDC arrived than left; red bars, days of net withdrawals, such as the $645 million that left on 10 October 2025, the day of the market-wide liquidations. During 2026 users and apps moved from bridged to native USDC: the bridge line falls while the native line climbs, and native USDC has been the larger part since June 2026. A dollar that changes sides leaves the total unchanged once both legs have landed.

The total is money parked on the platform, not trading activity: the same dollar can back many trades in a day, and the figure does not say whether it is posted as margin, lent out, held in a vault or idle. Every value is read straight from the two blockchains at the last block before midnight UTC, without Hyperliquid's own API, and is checked every day against an independent data aggregator and against the USDC that Hyperliquid's own ledger counts for its bridge.

Limitations

• Only USDC is counted. Hyperliquid also holds other stablecoins (such as USDT0 and USDH), HYPE and bridged tokens. The native part is the whole supply of native USDC on Hyperliquid, wherever it sits: on the trading platform or in HyperEVM applications.
• The history starts on 8 January 2024. Hyperliquid's first bridge contract was emptied into the current one between 21 December 2023 and 8 January 2024, and starting earlier would show that move as growth. About $0.14 million that was never withdrawn from the old contract is not counted.
• The bridge balance includes deposits and withdrawals still in transit, which take a few minutes, and about $53,000 held by the contract without a matching balance on Hyperliquid. Read the same minute, the bridge and Hyperliquid's own USDC ledger agreed within 0.03% in October 2026.
• Since native USDC launched, the net flow mixes bridge deposits and withdrawals with Circle's mints and burns on HyperEVM. A dollar moved from the bridge to native USDC shows as an outflow and an inflow, which cancel only when both happen on the same UTC day.
• One value per day, at midnight UTC: deposits and withdrawals within a day are netted, and a transfer made seconds before midnight counts for that day.
• This is our own chart, not a Glassnode replica. Stablecoin and TVL dashboards may show different figures because they include other stablecoins, count Hyperliquid's chains differently or take their snapshots at other times.