Hyperliquid’s HYPE token hits a new all-time high near $60

On September 18, 2025, HYPE, the native cryptocurrency of decentralized exchange Hyperliquid, hit a new all-time high of $59.39. The price increase was largely driven by strategic investment from Circle, the issuer of the USDC stablecoin.

Two days earlier, Circle announced that it had acquired a portion of HYPE tokens, securing a strong vote in the Hyperliquid platform. As part of the move, Circle is launching “native USDC” on Hyperliquid's Layer-1 blockchain, HyperEVM. This will make it easier and more capital-efficient for traders to use USDC on the exchange, potentially attracting more users and liquidity. Hyperliquid already hosts a significant amount of USDC, and this deeper integration could further cement its position as a major DeFi hub.

Circle’s decision comes in response to Hyperliquid’s launch of its native USDH stablecoin, which could have drawn liquidity and revenue away from USDC. Shortly before Circle’s announcement, the Hyperliquid community debated and voted on who would issue the upcoming USDH stablecoin. After a week-long evaluation of proposals from major firms including Paxos, BitGo, and Ethena, the community selected Native Markets as the issuer.

Native Markets, founded by early Hyperliquid investor Max Fiege, was chosen for its proposal’s alignment with the community’s long-term vision. The plan calls for USDH’s reserves to be managed by institutional partners like BlackRock and Superstate, with a portion of the stablecoin’s yield used to buy back HYPE tokens and support ecosystem growth.

With its own community-backed stablecoin, USDH, and a partnership with Circle for USDC integration, Hyperliquid now has a dual-stablecoin strategy. This positions the platform to expand its ecosystem while maintaining strong ties with both decentralized and centralized stablecoins.

Currently, HYPE trades at around $57, ranking as the 11th largest cryptocurrency with a market cap of over $19 billion.