TheBlock
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.
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