Overview
- Coinbase and Circle outlined the plan Thursday as Coinbase takes the USDC treasury role under Hyperliquid’s AQAv2 and Circle assumes technical deployment for cross‑chain systems.
- USDC is set to become the standard quote and collateral asset under a forthcoming HIP‑4 upgrade, a shift meant to reduce stablecoin hops and share most reserve yield with the network.
- Native Markets granted Coinbase rights to purchase USDH brand assets, and USDH will be phased out over time with fee‑free redemptions into USDC or fiat and assurances of full backing during the transition.
- Early market moves followed the news as Coinbase shares fell about 2.81% to roughly $201 while Hyperliquid’s HYPE token rose around 5% to near $41.
- USDC balances on Hyperliquid stand at about $5 billion after roughly doubling year over year, and the Hyper Foundation plans grants to help builders migrate integrations so traders face simpler routes and fewer conversions.