Coinbase (COIN) is expanding its presence on Hyperliquid (HYPE), one of crypto’s fastest-growing trading networks, by becoming the official treasury deployer of USDC on the blockchain, the companies announced Thursday.
The move gives Coinbase a central role in managing USDC liquidity on Hyperliquid through the network’s Aligned Quote Asset, or AQA, framework. The system connects stablecoin liquidity directly into Hyperliquid’s trading infrastructure and shares reserve yield revenue with the protocol.
As part of the transition, Native Markets, the developer behind Hyperliquid-native stablecoin USDH, agreed to terms granting Coinbase the right to purchase USDH brand assets. USDH will remain redeemable for USDC or fiat during the migration period before the product sunsets over time.
The deal marks another step in Coinbase’s push to expand USDC usage beyond Ethereum (ETH) and centralized exchanges as competition among stablecoin issuers intensifies.
Hyperliquid has become one of the most closely watched projects in crypto this year. The decentralized trading platform built a loyal following by offering perpetual futures trading with low fees, deep liquidity and a fast user experience that rivals centralized exchanges.
