Coinbase Appointed as Official USDC Treasury Deployer on Hyperliquid

Coinbase has officially announced its expanded support for USDC on Hyperliquid, taking on the role of treasury deployer within Hyperliquid's Aligned Quote Asset (AQA) framework. This strategic move is designed to reinforce USDC’s status as the leading stablecoin within on-chain capital markets. By centralizing liquidity around USDC, Coinbase aims to enhance market efficiency, enabling capital to flow more smoothly across trading platforms with fewer currency conversions. Coinbase will continue offering USD access through its fiat on- and off-ramps as well as its extensive global network. The AQA framework was developed by Native Markets to create a stablecoin platform for Hyperliquid users. As part of this arrangement, Coinbase is set to acquire the USDH brand assets from Native Markets, which will allow USDH markets to remain active temporarily before being gradually retired. During this transition, users can convert USDH to USDC fee-free and redeem for fiat, as Native Markets will manage these operations. Hyperliquid also announced that Circle will be responsible for technical deployment related to Cross-Chain Transfer Protocol (CCTP) services. Both Circle and Coinbase are committed to staking HYPE tokens to support the activation of AQAv2. As the treasury deployer, Coinbase will contribute a significant portion of reserve yield revenue back to the protocol. Furthermore, a future network upgrade is set to transition to using USDC as the quote asset for canonical outcome markets under HIP-4. Since launching in November 2024, Hyperliquid has rapidly become a key player in on-chain crypto trading, especially in the perpetual futures sector, garnering increased institutional interest following 21Shares' recent launch of an ETF designed to enhance exposure to HYPE.