Layer 1
Hyperliquid L1
$5.9B
total stablecoin supply · source: DefiLlama · 1 July 2026
Purpose-built L1 for on-chain perpetuals trading. Stablecoin supply (primarily USDC) serves as collateral for the HyperLiquid perpetuals exchange.
Network Details
| Launched | 2023 |
| Consensus | HyperBFT (Proof of Stake) |
| EVM | No |
| Website | hyperliquid.xyz |
Stablecoins on Hyperliquid L1
8 stablecoins with at least $1M supply · ranked by supply on this chain · source: DefiLlama
| # | Stablecoin | Type | Supply on Hyperliquid L1 |
|---|---|---|---|
| 1 | USDC USD Coin | Fiat | $5.7B |
| 2 | USDT Tether | Fiat | $157M |
| 3 | USDe Ethena USDe | Crypto | $23M |
| 4 | USDH USDH Stablecoin | Fiat | $19M |
| 5 | FEUSD Felix feUSD | Crypto | $12M |
| 6 | beatUSD Hyperbeat USD | Fiat | $2M |
| 7 | USDG Global Dollar | Fiat | $2M |
| 8 | M M by M0 | Fiat | $1M |
Frequently Asked Questions
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What stablecoins are available on Hyperliquid L1?Hyperliquid L1 hosts 8 stablecoins with at least $1M supply, totalling $5.9B as of 1 July 2026. The largest are: USDC, USDT, USDe, USDH, FEUSD.
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What is the total stablecoin supply on Hyperliquid L1?The total stablecoin supply on Hyperliquid L1 is $5.9B as of 1 July 2026, according to DefiLlama.
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Is Hyperliquid L1 EVM-compatible?No, Hyperliquid L1 is not EVM-compatible. It uses its own virtual machine and developer toolchain.