Coinbase, the largest U.S. cryptocurrency exchange, announced on Thursday that it has become the official treasury issuer of USDC on Hyperliquid, a rapidly growing decentralized trading platform. As part of the arrangement, Hyperliquid will phase out its native USDH stablecoin and transition to using USDC as its primary treasury asset, with Coinbase purchasing USDH-branded assets from Native Markets, the developer behind USDH.
Coinbase will operate within Hyperliquid’s Aligned Quote Asset (AQA) framework, which connects stablecoin liquidity directly to the platform’s trading infrastructure and shares reserve yield revenue with the protocol. The integration is designed to deepen USDC adoption and streamline capital flows on the network. “USDC is becoming the standard in crypto markets. Coinbase is making USDC available on HyperliquidX to help grow the ecosystem and scale the way capital moves,” said Coinbase CEO Brian Armstrong.
During the migration, users will be able to convert USDH to USDC or fiat currency at no cost through Native Markets’ USDH Dashboard, and the product will eventually be sunset. The move aligns with Hyperliquid’s surging activity: USDC supply on the network has roughly doubled year over year to around $5 billion, according to Coinbase.
Native Markets noted that Coinbase’s involvement would strengthen Hyperliquid’s market position by bringing one of the largest U.S. crypto companies directly into the ecosystem. The partnership also reflects a broader industry trend toward integrating stablecoins into core trading, collateral, and treasury systems.
