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Coinbase becomes USDC treasury deployer on Hyperliquid, unifying stablecoin use and boosting liquidity.

Protocol Fundamentals
14 May 2026
Bitcoin
View Source
Bullish
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Coinbase has taken over as the official treasury deployer for USDC on the Hyperliquid platform, which has seen its USDC supply grow to about $5 billion. This move ends the previous fragmentation between USDC and the native stablecoin USDH, integrating yield-sharing directly into USDC and redirecting reserve income back to the protocol. Native Markets' USDH will be phased out with fee-free conversions to USDC available during the transition. The change enhances liquidity and market efficiency on Hyperliquid, while Coinbase and Circle support the integration with staking and cross-chain infrastructure, solidifying USDC's role in on-chain capital markets.

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