Overview
- Coinbase was named the official treasury deployer of USDC on Hyperliquid, a Thursday agreement announced by the companies that puts it in charge of managing dollar‑token liquidity through the venue’s AQA system.
- The Aligned Quote Asset framework plugs stablecoin reserves into trading so orders quote and settle in USDC, and it routes reserve yield back to the protocol.
- Native Markets granted Coinbase rights to purchase USDH brand assets, and USDH will stay redeemable for USDC or fiat during a migration window before it is phased out.
- USDC supply on Hyperliquid has roughly doubled year over year to about $5 billion, according to Coinbase, reflecting the exchange’s rapid growth in onchain perpetuals.
- For traders, deeper native USDC liquidity can reduce conversions and fees and may speed moves between Hyperliquid and Coinbase’s fiat on‑ramps and off‑ramps.