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Coinbase takes over USDC treasury role on Hyperliquid as USDH stablecoin heads for sunset
Coinbase's enhanced role in Hyperliquid aims to unify liquidity while USDH users transition to USDC.
Coinbase is deepening its involvement with Hyperliquid by taking over as the official treasury deployer for USDC on the network, a move targeting expanding stablecoin infrastructure for onchain financial markets, according to a Thursday announcement.
Today we’re expanding our support for @HyperliquidX by becoming the platform’s official treasury deployer of USDC.
Onchain markets operate 24/7 and require collateral that is always available, instantly transferable, and deeply liquid – USDC delivers exactly that.
Alongside… pic.twitter.com/ki7QmSJVdH
— Coinbase 🛡️ (@coinbase) May 14, 2026
Native Markets, which developed the USDH stablecoin under Hyperliquid’s Aligned Quote Asset framework, has agreed to terms giving Coinbase the right to purchase the USDH brand assets. USDH users will continue to have access to fee-free redemptions into USDC or fiat as the platform is gradually phased out.
Coinbase said the transition reinforces USDC’s position as the dominant stablecoin within the Hyperliquid ecosystem, where supply has grown to approximately $5 billion. The company said the initiative supports long-term efforts to unify liquidity and improve efficiency across blockchain-based capital markets.