- Hyperliquid has appointed Coinbase as its official USDC treasury deployer as part of a major stablecoin shift.
- USDH will be phased out gradually as USDC takes a larger role in the ecosystem.
Coinbase is strengthening its relationship with the fast-growing decentralized trading platform Coinbase by becoming Hyperliquid’s official USDC treasury deployer. The move marks a major shift for the ecosystem as the USDH stablecoin gradually phases out in favor of USDC integration.
The transition highlights Hyperliquid’s growing influence in the on-chain derivatives market and reinforces USDC’s expanding role across decentralized finance.
Coinbase Takes Over USDC Treasury Role on Hyperliquid
According to the announcement, Coinbase will now serve as Hyperliquid’s official treasury deployer for USDC under the platform’s aligned quote asset (AQA) framework.
As part of the agreement, Native Markets, the company behind the USDH stablecoin, granted Coinbase the right to purchase USDH brand assets. The transition will happen gradually over the coming months.
Users holding USDH will still be able to redeem their tokens for USDC or fiat currency without fees through the Native Markets USDH Dashboard during the migration period.
Coinbase stated that USDC has already become the leading stablecoin on Hyperliquid since the trading platform launched in 2023. USDH was later introduced in 2025 through Hyperliquid’s AQA framework.
USDH Stablecoin Set for Gradual Shutdown
Native Markets confirmed that USDH remains fully backed during the transition process. The company also said it will continue working with ecosystem partners to complete the migration before the stablecoin officially sunsets.
The decision reflects the increasing preference for USDC within the Hyperliquid ecosystem. Coinbase described the integration as one of the deepest on-chain stablecoin deployments seen so far.
The move could simplify liquidity management for traders while improving stablecoin efficiency across the platform.
Hyperliquid Continues Dominating On-chain Perpetual Trading
Hyperliquid has rapidly emerged as one of the largest on-chain perpetual trading platforms in crypto since launching its Layer 1 blockchain.
Data from The Block shows that Hyperliquid currently controls roughly 40% of market share in blockchain fee generation, outperforming networks such as Ethereum, Solana, and Tron.
Most of the platform’s revenue comes from perpetual futures trading, where users pay fees to open and maintain leveraged positions.
The platform’s growing influence recently attracted further institutional attention after 21Shares launched the first exchange-traded fund tied to Hyperliquid’s native HYPE token.
USDC Integration Could Strengthen Hyperliquid Growth
The deeper integration of USDC may help Hyperliquid strengthen liquidity and attract more institutional users. Stablecoins play a critical role in decentralized trading ecosystems, especially in derivatives markets where traders rely heavily on efficient settlement assets.
With Coinbase now directly involved in treasury deployment, Hyperliquid could continue expanding its position as a leading decentralized perpetual trading platform.
As the migration progresses, USDC appears set to become the dominant stablecoin powering the Hyperliquid ecosystem.
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