Coinbase Named Official USDC Treasury Deployer on Hyperliquid as USDH Transitions Out!

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.