Coinbase News: Coinbase Expands USDC Role with Hyperliquid Treasury Deal

Key Insights:

• Hyperliquid selects Coinbase for USDC deployment as Coinbase news gains momentum.
• It will phase out USDH while Coinbase expands USDC liquidity operations.
• Hyperliquid trading growth supported Coinbase’s broader push to expand its USDC market.

Coinbase News moved toward Hyperliquid after the company confirmed plans to become the official USDC treasury deployer on the blockchain network. The agreement gives Coinbase a role in managing USDC liquidity across Hyperliquid’s trading platform through its Aligned Quote Asset framework.

At the same time, Native Markets agreed to terms that give Coinbase the right to acquire USDH brand assets as the stablecoin project begins a gradual phaseout. The move, according to Coinbase news, adds to Coinbase’s broader push to expand USDC activity beyond Ethereum and centralized exchanges.

It also arrives as Hyperliquid continues to draw higher trading activity across decentralized finance markets.

Coinbase News: Coinbase Expands USDC Liquidity Role as Hyperliquid Phases Out USDH

Under the agreement, Coinbase will manage USDC liquidity inside Hyperliquid’s trading system through the network’s AQA framework. The system connects stablecoin liquidity directly to trading activity while also sharing reserve yield revenue with the protocol.

Meanwhile, Native Markets confirmed USDH will remain redeemable for both USDC and fiat currencies during the migration period. However, the company stated that the stablecoin will be phased out over time as the transition progresses.

Mary-Catherine Lader, posting on X on behalf of Native Markets, described the deal as validation of the original USDH strategy. According to her statement, the project centered on building stablecoins that create value for both blockchain networks and their users.

Native Markets secured the USDH ticker in September 2025 after competing against several digital asset firms. The process included proposals from Paxos, Frax Finance, Sky, Agora, and Ethena.

Data referenced by the companies showed USDH reserves included cash, short-term U.S. Treasuries, repo agreements, and tokenized treasury products. Those reserves also included BlackRock’s BUIDL and Superstate’s USTB.

However, Coinbase stated the partnership is in line with its effort to position USDC as a settlement layer for onchain capital markets. The company added that focusing on liquidity could improve market efficiency by reducing asset conversions across trading platforms.

Hyperliquid Growth Supports USDC Treasury Expansion

Hyperliquid has recorded high growth in trading activity during recent months. The platform gained recognition through perpetual futures trading supported by low fees, deep liquidity, and fast transaction execution.

At the same time, Coinbase news surrounding the agreement emerged as Hyperliquid expanded into additional trading sectors. Earlier this month, the network launched HIP-4 prediction markets, which processed 6.05 million contracts on the first trading day.

The platform’s user base has also increased to approximately 1.19 million wallets. In addition, Hyperliquid continued expanding its network through commodities and equities trading under its HIP-3 framework.

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