Coinbase became the official USDC deployer on Hyperliquid as stablecoin liquidity nears $5B on the platform.
Coinbase News
Coinbase has been designated the official treasury deployer for USD Coin (USDC) on Hyperliquid, giving the exchange a central role in managing stablecoin liquidity on the trading network. The arrangement operates through Hyperliquid's Aligned Quote Asset (AQA) framework, which connects stablecoin liquidity directly into the platform's trading infrastructure. Reserve yield revenue generated through the framework is distributed to the protocol.
As part of the agreement, Native Markets, the developer behind Hyperliquid-native stablecoin USDH, granted Coinbase the right to purchase USDH brand assets. USDH will remain fully backed during the transition period. Users can redeem it for USDC or fiat without fees through the USDH Dashboard before the product is phased out over time.
USDC Supply on Hyperliquid Nears $5B
USDC has served as the primary stablecoin on Hyperliquid since the platform launched in 2023. Native Markets introduced USDH through the AQA framework in 2025 as an alternative. The transition now consolidates liquidity under USDC with Coinbase as the primary deployer.
Hyperliquid's USDC supply has roughly doubled year-over-year to around $5 billion, according to Coinbase. The platform captures roughly 40% of on-chain fee market share, ahead of Ethereum (ETH), Solana (SOL) and Tron (TRX), according to The Block's data. Its fee revenue is driven primarily by perpetual futures trading, where users pay to open, maintain, and close leveraged positions.
The deal extends Coinbase's strategy of expanding USDC adoption beyond ETH and centralized exchange settings. As competition among stablecoin issuers intensifies, embedding USDC into the settlement and collateral infrastructure of high-growth trading platforms has become a priority for both Coinbase and Circle. Native Markets said Coinbase's entry into the ecosystem could strengthen Hyperliquid's market position.
On May 13, 21Shares launched the first exchange-traded fund (ETF) offering exposure to Hyperliquid (HYPE), the platform's native token. The launch reflects growing institutional recognition of the platform's standing in the on-chain derivatives market.
Coinbase said the partnership is designed to support a more unified global marketplace for on-chain capital markets. The goal is to allow traders to move between crypto assets and fiat-backed stablecoins without leaving blockchain-based platforms.
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