The circle of stablecoin transmitters extends in the hyperliquid with an investment and the launch of the native USD part on the protocol, because the competition of stablecoin on the network is intensifying.
According to an announcement on Tuesday, Circle is now a stakeholder in the hyperliquid ecosystem, directly holding its hyperliquid of indigenous cryptocurrency (media threshing). The circle also plans to become a validator of the protocol.
The company, which became public on June 5, is the source of the Stablecoin USDC (USDC), a digital assets exchangeable 1: 1 for American dollars. The token will be natively deployed on Hyperevm, the intelligent hyperliquid contract layer.
“This launch is the first step towards activating the USDC deposits on the Place d’Hyperliquid and the perpetuates exchange on the hypercore,” said Circle on X.
Circle announced its intention to develop in the hyperliquid ecosystem in July. “Today’s launch simply delivers this roadmap,” Cointelegraph told a company spokesperson.
Hyperliquid is a decentralized financial ecosystem that specializes in the derivative trade. In July, the protocol reached $ 330 billion in a negotiation volume almost a year after launching its layer 1 network.
The protocol announced in September a competition to select a partner to develop your own stablecoin, drawing offers from the main stable issues and crypto companies, including Paxos, Frax, Sky, Agora, Ethena, Opendeden, Bitgo and the native markets.
On Sunday, the protocol said that its community of validators had chosen native markets to issue the next Hyperliquid stable, USDH.
Validators on hyperliquidal are media threshing holders who spring their tokens to help secure blockchain, validate transactions and participate in governance. The top 21 per stake constitutes the set of active validators, which is responsible for the proposal and confirmation of blocks on the network.
Currently, around 430 million media threshing tokens are jacked on the network. The best validators include Galaxy Digital, Flowdex and The Hyper Foundation, which supports the development of hyperliquid.
In relation: Inside the Hyperliquid Stablecoin race: companies in the running for the USDH
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