Coinbase and Hyperliquid: Aligning Markets on Hyperliquid to USDC
TL;DR: Coinbase is expanding support for onchain markets by becoming the official treasury deployer of USDC on Hyperliquid. As part of this transition, Native Markets has agreed to terms granting Coinbase the right to purchase the USDH brand assets. Over the coming months, users will continue to be able to redeem USDH for USDC or fiat without fees via Native Markets’ USDH Dashboard. USDC has seen rapid growth on Hyperliquid (~$5B total, 2x YoY), and now with Coinbase’s support, represents the deepest onchain integration of a stablecoin to date.
Today, we’re excited to announce that Coinbase is expanding its support for USDC on Hyperliquid by becoming the official treasury deployer of USDC as an Aligned Quote Asset (AQA). This integration solidifies USDC’s role as the preferred stablecoin underlying onchain capital markets.
As 24/7 onchain capital markets grow, concentrating liquidity with USDC – which is always available and instantly transferable – improves market efficiency and allows capital to flow freely with fewer conversions. Market participants can leverage USDC’s global network of venues and fiat on and off ramps, including Coinbase, further unifying a cohesive global marketplace.
Native Markets pioneered the concept of a network-integrated stablecoin via Hyperliquid’s AQA framework as part of its work to provide Hyperliquid users with a first-class stablecoin platform. Building on Native Markets’ and USDH’s foundations, Coinbase will take on the role of an AQA deployer. As part of this transition, Native Markets has agreed to terms granting Coinbase the right to purchase the USDH brand assets. USDH markets are fully functional but will sunset over time. USDH remains fully backed, with feeless conversions to USDC and redemptions for fiat available to users during this transition. Users migrating from USDH to USDC can find more information at USDH.com, and Native Markets will continue to facilitate those conversions and redemptions.
USDC has been the leading stablecoin on Hyperliquid since its launch in 2023 and has seen rapid growth within the ecosystem. These steps reflect Coinbase's ongoing commitment to supporting the growth of the onchain economy and USDC. As the co-founder and preeminent distribution partner of USDC, Coinbase is focused on driving USDC adoption onchain.
Coinbase and Hyperliquid
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.
