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Coinbase (COIN) is expanding its presence on Hyperliquid (HYPE), one of crypto’s fastest-growing trading networks, by becoming the official treasury deployer of USDC on the blockchain, the companies announced Thursday.
The move gives Coinbase a central role in managing USDC liquidity on Hyperliquid through the network’s Aligned Quote Asset, or AQA, framework. The system connects stablecoin liquidity directly into Hyperliquid’s trading infrastructure and shares reserve yield revenue with the protocol.
As part of the transition, Native Markets, the developer behind Hyperliquid-native stablecoin USDH, agreed to terms granting Coinbase the right to purchase USDH brand assets. USDH will remain redeemable for USDC or fiat during the migration period before the product sunsets over time.
The deal marks another step in Coinbase’s push to expand USDC usage beyond Ethereum (ETH) and centralized exchanges as competition among stablecoin issuers intensifies.
Hyperliquid has become one of the most closely watched projects in crypto this year. The decentralized trading platform built a loyal following by offering perpetual futures trading with low fees, deep liquidity and a fast user experience that rivals centralized exchanges.
Trading activity on the network has surged in recent months as traders shifted toward onchain platforms following renewed interest in decentralized finance. USDC supply on Hyperliquid has roughly doubled year over year to around $5 billion, according to Coinbase.
The network has also become a growing center for speculative trading and token launches. That growth has turned Hyperliquid into a larger player in crypto market structure discussions. Stablecoins act as the core settlement layer for most crypto trading activity, and securing dominant liquidity on a fast-growing exchange ecosystem gives Coinbase and Circle (CRCL) broader reach for USDC adoption.
Native Markets said Coinbase’s involvement could further strengthen Hyperliquid’s position by bringing one of the largest U.S. crypto companies directly into the ecosystem.
The arrangement also reflects a broader shift in crypto infrastructure. Rather than treating stablecoins as separate products, exchanges and blockchain networks increasingly integrate them into trading, collateral and treasury systems designed to operate around the clock.
Circle (CRCL), the issuer of USDC, separately announced an expanded role on Hyperliquid as USDC becomes the AQA across the network’s HIP-1 through HIP-4 markets. HIP-4 includes Hyperliquid’s first outcome-based markets, extending the protocol beyond perpetual futures trading.
As part of the arrangement, Circle will take on technical deployer responsibilities for USDC minting, redemption and cross-chain transfers on Hyperliquid, making the stablecoin the core settlement layer across the exchange’s markets.
Circle also said it plans to stake 500,000 HYPE tokens, adding to an earlier position established in September 2025, as it moves toward becoming a validator on the network.
UPDATE (May 14, 15:24 UTC): Adds Circle’s expansion on Hyperliquid.