Coinbase Named Hyperliquid's Official USDC Treasury Deployer as USDH Sunsets!

Coinbase has been designated as Hyperliquid's official treasury deployer for USDC, taking on the role of aligned quote asset (AQA) provider for the high-performance derivatives chain. The move marks a significant shift in how Hyperliquid manages its stablecoin infrastructure.

As part of the transition, USDH — Hyperliquid's native stablecoin — will be phased out over time, with USDC stepping in as the ecosystem's primary quote asset. The partnership signals a broader consolidation around regulated, battle-tested stablecoins in DeFi's most competitive trading venues, and a meaningful distribution win for Coinbase's USDC push beyond Ethereum and Base.