Coinbase takes over USDC treasury on Hyperliquid
6.6 Stablecoins Coinbase becomes Hyperliquid’s USDC treasury deployer as USDH is phased out. Users can redeem USDH for USDC or fiat, making USDC the dominant stablecoin on the platform.
Coinbase has been appointed as the official treasury deployer of USDC on Hyperliquid, signaling a major shift in the platform’s stablecoin approach. Hyperliquid’s native stablecoin, USDH, is being phased out due to limited adoption, with its supply plateauing at around $100 million, far below USDC’s $5 billion liquidity on the platform. As part of this transition, Native Markets—the operator of USDH—has agreed to grant Coinbase the right to purchase USDH brand assets. During the migration period, users can redeem USDH for USDC or fiat without any fees, ensuring a smooth transition for all participants. This move establishes USDC as the dominant stablecoin on Hyperliquid and introduces a new treasury-sharing model designed to unify liquidity and enhance capital efficiency across the network. The transition is seen as one of the most significant stablecoin ecosystem changes of 2026, reflecting Coinbase’s strategy to expand USDC’s integration into onchain trading infrastructure.
