USDC Volume Hits $355 B, Overtakes USDT as Hyperliquid Deal Grants 90% Revenue
In May 2026 USDC transaction volume reached $355 billion, overtaking USDT for the first time while USDC’s supply share rose from 27.6% to 28.1% over the past year. Circle and Coinbase’s deal with Hyperliquid reinstates USDC as the primary quote asset on Native Markets, granting Hyperliquid a 90% revenue split.
1. USDC Market Share and Volume Growth
USDC’s supply share increased modestly from 27.6% in April 2025 to 28.1% in April 2026 while USDT edged up from 67.0% to 67.3%. May 2026 saw USDC transaction volume hit $355 billion, surpassing USDT for the first time and reflecting accelerated volume growth since the GENIUS framework rollout.
2. Hyperliquid Partnership Terms
Native Markets agreed to sunset its USDH stablecoin in favor of USDC, reinstating USDC as the primary quote asset and directing 90% of trading revenue back to Hyperliquid. This structure aligns Circle and Coinbase with Hyperliquid’s onchain perpetuals platform, boosting USDC distribution without direct market expansion.
3. Hyperliquid’s Perpetuals Exchange Dominance
Hyperliquid commands roughly 30% of onchain perpetuals market share and 46% of open interest, rivaling centralised exchanges at around 50% of Bybit’s volume and 79% of Coinbase International’s volume as of April 30. Its onchain model allows broader geographic reach than Coinbase’s regulated framework.
4. Competitive and Regulatory Landscape
USDC faces new competition from Stripe’s Tempo and major institutions launching GENIUS-compliant stablecoins in the U.S., while USDT maintains dominance abroad. Coinbase’s regulatory limits on markets and customers are bypassed by the Hyperliquid deal, but USDC must secure its domestic lead before competitors erode market share.