Coinbase becomes official USDC treasury deployer on Hyperliquid as stablecoin supply nears $5B!

Coinbase is taking a central role in Hyperliquid's stablecoin infrastructure, becoming the official treasury deployer of USDC on the fast-growing decentralized trading network. The arrangement plugs USDC directly into Hyperliquid's Aligned Quote Asset framework, which connects stablecoin liquidity into the platform's trading rails and shares reserve yield revenue with the protocol.

As part of the deal, Coinbase secured rights to purchase brand assets tied to USDH, Hyperliquid's native stablecoin developed by Native Markets. USDH will remain redeemable for USDC or fiat during a migration window before being phased out entirely — effectively consolidating Hyperliquid's stablecoin layer around USDC.

The move is a direct play in the intensifying stablecoin issuer wars. USDC supply on Hyperliquid has roughly doubled year-over-year to around $5 billion, and landing the treasury deployer…