Coinbase Becomes Official USDC Treasury Deployer For Hyperliquid

Coinbase Steps In as Hyperliquid's Primary USDC Deployer

@Coinbase has officially become the primary treasury deployer of $USDC on @HyperliquidX, marking a significant step in cementing the stablecoin's role at the heart of one of DeFi's most active trading networks. Coinbase is expanding its support for USDC on Hyperliquid by becoming the official treasury deployer of USDC as an Aligned Quote Asset (AQA).

The move operates under the newly activated AQAv2 framework, through which both Coinbase and @Circle are staking $HYPE to unify liquidity and designate $USDC as the canonical quote asset for all HIP-4 markets. HIP-4, Hyperliquid's latest network upgrade, introduces fully collateralized, expiry-based contracts that function like prediction markets, and launched on May 2, 2026.

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. 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.

USDH Sunsets as Coinbase Acquires Brand Assets from Native Markets

The transition also involves a change of hands for the $USDH brand. As part of the transition, @NativeMarkets has agreed to terms granting Coinbase the right to purchase the USDH brand assets. With the transition, USDH will sunset over time as USDC expands its role within the Hyperliquid ecosystem.

Under the arrangement, Coinbase will share the vast majority of reserve yield revenue directly with the protocol. 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.

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.

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.

For Circle, the move deepens an existing commitment. 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.

Sources:
Coinbase Blog: Aligning Markets on Hyperliquid to USDC
The Block: Coinbase becomes Hyperliquid's official USDC treasury deployer
Circle Blog: Circle and USDC Expansion with Hyperliquid