Coinbase is becoming the official treasury deployer of USDC on Hyperliquid, the company announced on Thursday.
The move deepens the stablecoin’s integration with the fast-growing onchain trading network and signals a potential significant shift in the platform’s stablecoin infrastructure.
As part of the transition, Coinbase will take on the role of an Aligned Quote Asset deployer on Hyperliquid, a framework originally pioneered by Native Markets through its USDH stablecoin.
Native Markets has agreed terms granting Coinbase the right to purchase the USDH brand assets, with USDH markets remaining fully functional during a transition period before sunsetting over time. Users will be able to convert USDH to USDC or redeem for fiat without fees via Native Markets’ USDH Dashboard throughout the process.
USDC has been the leading stablecoin on Hyperliquid since the platform’s 2023 launch and has reached approximately $5 billion on the network, doubling year-on-year.
Coinbase said concentrating liquidity around USDC — which is always available and instantly transferable — improves market efficiency and allows capital to flow more freely across onchain markets, reducing the need for conversions.
As co-founder and primary distribution partner of USDC, Coinbase said the move reflects its ongoing commitment to supporting the growth of the onchain economy.
The company added that Hyperliquid has rapidly become a predominant onchain trading network, and it is committed to supporting builders and stablecoin liquidity across the HyperEVM ecosystem.
