USDH

USDC

Hyperliquid

<h2 id="coinbase-steps-in-as-hyperliquid-s-primary-usdc-deployer">Coinbase Steps In as Hyperliquid's Primary USDC Deployer</h2>
<a href="https://x.com/Coinbase" rel="noopener noreferrer nofollow">@Coinbase</a> has officially become the primary treasury deployer of <a href="https://x.com/search?q=%24USDC&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$USDC</a> on <a href="https://x.com/HyperliquidX" rel="noopener noreferrer nofollow">@HyperliquidX</a>, marking a significant step in cementing the stablecoin's role at the heart of one of DeFi's most active trading networks. <cite>Coinbase is expanding its support for USDC on Hyperliquid by becoming the official treasury deployer of USDC as an Aligned Quote Asset (AQA).</cite>
The move operates under the newly activated AQAv2 framework, through which both Coinbase and <a href="https://x.com/Circle" rel="noopener noreferrer nofollow">@Circle</a> are staking <a href="https://x.com/search?q=%24HYPE&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$HYPE</a> to unify liquidity and designate <a href="https://x.com/search?q=%24USDC&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$USDC</a> as the canonical quote asset for all HIP-4 markets. <cite>HIP-4, Hyperliquid's latest network upgrade, introduces fully collateralized, expiry-based contracts that function like prediction markets, and launched on May 2, 2026.</cite>
<cite>USDC has been the leading stablecoin on Hyperliquid since its launch in 2023 and has seen rapid growth within the ecosystem, reaching approximately $5 billion total with a 2x year-over-year increase.</cite><cite>Since launching in November 2024, Hyperliquid has quickly become the dominant onchain perpetual trading platform for crypto, backed by a high-performance Layer 1 blockchain.</cite>
<h2 id="usdh-sunsets-as-coinbase-acquires-brand-assets-from-native-markets">USDH Sunsets as Coinbase Acquires Brand Assets from Native Markets</h2>
The transition also involves a change of hands for the <a href="https://x.com/search?q=%24USDH&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$USDH</a> brand. <cite>As part of the transition, <a href="https://x.com/NativeMarkets" rel="noopener noreferrer nofollow">@NativeMarkets</a> has agreed to terms granting Coinbase the right to purchase the USDH brand assets.</cite><cite>With the transition, USDH will sunset over time as USDC expands its role within the Hyperliquid ecosystem.</cite>
Under the arrangement, Coinbase will share the vast majority of reserve yield revenue directly with the protocol. <cite>Native Markets pioneered the concept of a network-integrated stablecoin via Hyperliquid's AQA framework, and building on those foundations, Coinbase will now take on the role of an AQA deployer.</cite>
<cite>USDH remains fully backed, with feeless conversions to USDC and redemptions for fiat available to users during this transition, and Native Markets will continue to facilitate those conversions and redemptions.</cite>
<cite>In a separate statement, Native Markets assured users that USDH remains fully backed and maintained, and that it will work with HIP-3 and HIP-1 deployers to ensure the migration to USDC is complete before USDH is sunsetted.</cite>
For Circle, the move deepens an existing commitment. <cite>Circle is now a direct stakeholder in the Hyperliquid ecosystem, with its first HYPE token investments, alongside a comprehensive program to work with the most innovative HIP-3 and HyperEVM builders in the community.</cite>
Sources: <a href="https://www.coinbase.com/blog/coinbase-and-hyperliquid-aligning-markets-on-hyperliquid-to-usdc" rel="noopener noreferrer nofollow">Coinbase Blog: Aligning Markets on Hyperliquid to USDC</a> <a href="https://www.theblock.co/post/401233/coinbase-hyperliquid-official-deployer-usdc" rel="noopener noreferrer nofollow">The Block: Coinbase becomes Hyperliquid's official USDC treasury deployer</a> <a href="https://www.circle.com/blog/circle-and-usdc-expansion-with-hyperliquid" rel="noopener noreferrer nofollow">Circle Blog: Circle and USDC Expansion with Hyperliquid</a>

Coinbase Becomes Official USDC Treasury Deployer For Hyperliquid

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