Coinbase Becomes Official USDC Treasury Deployer on Hyperliquid as USDH Phases Out!

Coinbase is stepping into a pivotal role in onchain derivatives markets, becoming the official USDC treasury deployer on Hyperliquid — one of the fastest-growing decentralized perpetuals venues in crypto. The move signals a deliberate push by Coinbase to deepen its footprint in the onchain finance stack beyond its centralized exchange business.

As part of the transition, Native Markets has agreed to terms granting Coinbase the right to acquire the USDH brand assets, with the USDH stablecoin market set to be gradually phased out. USDC, already the dominant regulated stablecoin by institutional adoption, now anchors Hyperliquid's treasury infrastructure — a consolidation that tightens the link between TradFi-grade stablecoin rails and decentralized perps liquidity.