The two chains have traded places several times since early September, when Hyperliquid L1 first moved ahead of Solana in USDC supply by chain. A year ago the gap was wide: about $4.57B on Hyperliquid against $10.04B on Solana.

Hyperliquid L1 now holds about $6.97B of USDC versus $6.78B on Solana, with only Ethereum ahead at $44.7B.

Total USDC circulation across chains stands near $72.4B, which gives Ethereum roughly 62% and Hyperliquid about 9.6%. Base ($4.3B) and Arbitrum ($2.3B) round out the top five.

Most USDC on Hyperliquid serves as margin for its perpetuals exchange, so the balance tracks trading demand and can swing quickly. The lead over Solana is under $200M and has flipped back and forth through October.