The transaction marks the largest single on-chain transfer of USDC as Coinbase fulfills its role as treasury provider for Hyperliquid.
Circle transferred 4.397 billion USDC to a Coinbase address via the HyperEVM network, setting a record for the largest single on-chain USDC transaction. The move aligns with Coinbase’s role as the official USDC treasury provider for Hyperliquid, a decentralized trading platform.
Earlier, Coinbase announced a partnership with Hyperliquid to serve as its treasury issuer for USDC, which acts as the ecosystem’s primary quote and settlement asset. The transfer underscores growing institutional adoption of stablecoins for large-scale transactions.
No immediate market reaction was reported following the transaction.