Coinbase Becomes Official USDC Treasury Deployer on Hyperliquid

Coinbase announced that it is expanding support for USDC on Hyperliquid by becoming the official treasury deployer of USDC under Hyperliquid’s Aligned Quote Asset (AQA) framework.

The company said the move aims to strengthen USDC’s position as the primary stablecoin used across on-chain capital markets.

USDC Strengthens Grip on Hyperliquid

In the latest press release, Coinbase stated that concentrating liquidity around USDC could improve market efficiency by allowing capital to move more freely across trading venues with fewer conversions. Users will continue to have access to USDC through Coinbase’s fiat on- and off-ramps and its wider global network.

The AQA framework was originally introduced by Native Markets as part of its efforts to build a stablecoin platform for Hyperliquid users. Coinbase said it will now assume the role of AQA deployer, while Native Markets has agreed to terms giving Coinbase the right to acquire the USDH brand assets.

According to the announcement, USDH markets will remain operational for now but will gradually be phased out over time. Coinbase also revealed that USDH remains fully backed and that users can continue converting USDH to USDC without fees or redeeming for fiat during the transition period.

Meanwhile, Native Markets will continue handling those conversions and redemptions.

“Since launch, Hyperliquid has seen rapid growth and quickly became a predominant onchain trading network. Coinbase has invested in supporting builders on HyperEVM by supporting stablecoin liquidity. We’re excited to further our support of the ecosystem and see USDC’s continued growth on Hyperliquid.”

Next Phase

In a separate post, Hyperliquid revealed that Circle will serve as the technical deployer overseeing Cross-Chain Transfer Protocol (CCTP) services and native cross-chain infrastructure, while both Circle and Coinbase have committed to staking HYPE tokens to support AQAv2 activation.

The announcement also noted that, as the treasury deployer, Coinbase is expected to share the majority of the reserve yield revenue with the protocol. Hyperliquid further indicated that a future network upgrade will transition canonical outcome markets under HIP-4 to using USDC as the quote asset.

Since its debut in November 2024, Hyperliquid has established itself as a major player in on-chain crypto trading, particularly in perpetual futures markets. The platform gained further institutional attention earlier this week when 21Shares the first ETF designed to provide exposure to its native token, HYPE.