Circle moves $4.4 billion USDC to Coinbase via HyperEVM

Circle moves 4.397 billion USDC to a Coinbase address via the HyperEVM network. That is according to blockchain analysis platform Arkham, which describes the transaction as the largest single USDC transaction ever executed on the blockchain. The move is directly linked to the role Coinbase plays as the official treasury provider for Hyperliquid.

The USDC transaction of $4.4 billion is thus the largest in the history of the stablecoin and far surpasses previous large transfers. By comparison, the third largest USDC transaction was $3 billion and dates from two years ago.

Coinbase as treasury partner for Hyperliquid

The reason behind this gigantic transfer lies in a previously announced collaboration between Coinbase and Hyperliquid. Coinbase acts as the official USDC treasury issuer for the Hyperliquid platform, with USDC serving as the primary settlement and quote asset within the ecosystem. The transfer from Circle to Coinbase is therefore a concrete step in fulfilling that responsibility.

That the transaction goes via HyperEVM is notable. HyperEVM is the EVM-compatible layer on top of the Hyperliquid network, which technically enables the integration of Coinbase as a treasury party. By having USDC flow directly through this network, Coinbase cements its position as a central liquidity provider for one of the fastest-growing DeFi platforms at the moment.

Record transaction puts USDC in the spotlight

The size of the transaction immediately draws attention in the crypto world. With $4.4 billion in USDC in a single on-chain move, it is an amount that far exceeds most previous large transfers. The second largest transaction on the list was $3 billion, carried out by Circle itself two years ago.

The stablecoin market is anyway under the spotlight. For instance, Tether recently froze $72 million in USDT after suspicious transactions via the Tron network. Circle’s record transaction shows that institutional players are increasingly deploying large stablecoin volumes for direct infrastructure roles in DeFi ecosystems, something that further changes the market structure of stablecoins.