Coinbase has been appointed the official USDC treasury deployer on Hyperliquid, the high-performance decentralised derivatives platform, marking a significant integration between one of the largest US-regulated exchanges and a fast-growing on-chain trading ecosystem.
As part of the arrangement, Coinbase also acquires the brand assets of Native Markets' USDH stablecoin, which will transition into USDC. The move effectively consolidates Hyperliquid's stablecoin infrastructure around Circle's dollar-pegged asset, giving USDC a native foothold in one of the most actively traded DeFi derivatives venues.
For Hyperliquid users, the shift means USDH positions and liquidity will migrate to USDC rails — a change that brings deeper institutional backing and tighter integration with Coinbase's treasury operations.
Frequently asked questions
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What does Coinbase's role as USDC treasury deployer entail?
As the USDC treasury deployer, Coinbase will manage the deployment of USDC on Hyperliquid, integrating it into the platform's trading ecosystem.
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How will the transition from USDH to USDC affect Hyperliquid users?
Hyperliquid users will see their USDH positions and liquidity migrate to USDC, enhancing institutional support and integration with Coinbase.
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