Coinbase becomes official treasury deployer of USDC on Hyperliquid

Coinbase has expanded its support for the USDC stablecoin on the Hyperliquid network by becoming its official treasury deployer under the Aligned Quote Asset framework. This move solidifies USDC's position as the preferred stablecoin for on-chain capital markets.

The integration aims to improve market efficiency and capital fluidity as 24/7 on-chain markets grow, reducing the need for conversions. Participants can leverage USDC's global network, including Coinbase's fiat ramps, to access a unified marketplace.

The development builds on groundwork by Native Markets, which pioneered the network-integrated stablecoin concept on Hyperliquid. As part of the transition, Coinbase will assume the AQA deployer role and has secured rights to purchase the USDH brand assets.

Existing USDH markets will remain functional but will be phased out over time. USDH remains fully backed, with fee-free conversions to USDC and fiat redemptions available during the transition. Native Markets will continue to facilitate these conversions.

USDC has been the leading stablecoin on Hyperliquid since 2023. Coinbase, a co-founder and key distribution partner of USDC, stated this step underscores its commitment to growing the on-chain economy and driving USDC adoption.

Hyperliquid has experienced rapid growth to become a predominant on-chain trading network. Coinbase has invested in supporting builders on the HyperEVM by bolstering stablecoin liquidity.