Coinbase Assumes USDC Treasury Role on Hyperliquid
- Coinbase has taken over as the treasury deployer for USDC on Hyperliquid, with the supply reaching approximately $5 billion, doubling from last year.
- The AQAv2 framework integrates USDC and USDH, redirecting reserve yield to benefit HYPE holders.
- Native Markets’ USDH will be phased out, with feeless conversions to USDC available via the USDH Dashboard.
- Circle supports technical operations through its Cross-Chain Transfer Protocol (CCTP).
- Hyper Foundation offers grants to cover migration costs for builders who integrated USDH.
The collaboration between Coinbase and Circle positions USDC as a central asset in Hyperliquid’s ecosystem, enhancing liquidity and market efficiency by consolidating stablecoin usage under USDC. This shift resolves previous fragmentation issues between USDC and USDH while maintaining liquidity advantages.
With Coinbase managing treasury functions and Circle handling cross-chain infrastructure, the integration strengthens USDC’s role in on-chain capital markets, ensuring deeper liquidity and efficient capital flow across Hyperliquid’s trading venues. (Source)
