Coinbase Named USDC Treasury Deployer on Hyperliquid

Coinbase has become the official treasury deployer for USDC on Hyperliquid, a major decentralized perpetuals trading platform, as part of an agreement that includes acquiring brand assets from the USDH stablecoin issuer Native Markets. The announcement, made Thursday, positions USDC as the primary aligned quote asset under Hyperliquid's upgraded AQAv2 framework, effectively phasing out USDH while integrating its yield-sharing model.

Hyperliquid, which launched in 2023, has seen its USDC supply grow to approximately 5 billion, doubling over the past year and making it one of the largest onchain environments for dollar-denominated derivatives trading. Previously, the platform relied on bridged USDC liquidity, but much of the reserve yield from those balances flowed to external issuers. In 2025, Hyperliquid validators selected Native Markets to introduce USDH, a fully backed stablecoin linked to U.S. Treasuries and cash equivalents. USDH pioneered the Aligned Quote Asset model, redirecting reserve yields back to the ecosystem through trading incentives, HYPE token buybacks, and contributions to the Assistance Fund.

The new arrangement resolves a key tension by applying those...