Blockchain analytics firm Arkham flagged Circle’s (NYSE: CRCL) largest USDC transaction ever.
Circle is a financial technology company best known as the issuer of USDC, the world’s second-largest stablecoin. A stablecoin is a cryptocurrency designed to hold a steady $1 value, backed by cash and short-term U.S. Treasuries.
What makes Circle stand out is its stock ticker: it is the only stablecoin issuer to go public on a major U.S. exchange, debuting on the NYSE in June 2025 in one of the year’s hottest IPOs, when the shares jumped 168% on their first day. Tether, though larger, remains private.
Related: Circle announces new blockchain amid blockbuster earnings
Circle makes $4B worth transfer
Late on June 11, the stablecoin issuer transferred 4.397 billion USDC worth roughly $4.4 billion to a Coinbase-controlled wallet.
Coinbase (NASDAQ: COIN), the largest publicly traded crypto exchange in the United States, is a longtime Circle partner.
On-chain records show the funds moved from Circle’s CoreDepositWallet to a Coinbase treasury address on HyperEVM, the smart contract network built on Hyperliquid, a decentralized exchange for derivatives.
The transaction settled in block 37,597,797 with zero fees on HyperEVM.
HyperEVM is Hyperliquid’s smart-contract layer. Its gas, or the fee paid to execute transactions, is denominated in Hyperliquid’s native token HYPE.
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Why the money moved
Neither company has publicly explained the transfer, but it appears tied to Coinbase’s new role as Hyperliquid’s USDC treasury deployer under the Aligned Quote Asset framework, announced in May.
Under that arrangement, Coinbase manages the treasury side while Circle handles the technical deployment of USDC across chains, making the stablecoin Hyperliquid’s sole quote asset and phasing out the rival USDH token.
This story was originally published by TheStreet on Jun 12, 2026, where it first appeared in the Trading News & Analysis section. Add TheStreet as a Preferred Source by clicking here.