Coinbase (COIN) is expanding its presence on Hyperliquid (HYPE), one of the fastest-growing crypto trading networks, by becoming the official implementer of USDC treasury 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 listing assets, or AQA, framework. The system connects stablecoin liquidity directly to Hyperliquid’s trading infrastructure and shares reserve yield revenue with the protocol.
As part of the transition, Native Markets, the developer behind Hyperliquid’s native USDH stablecoin, agreed to terms giving Coinbase the right to purchase USDH-branded assets. USDH will remain redeemable for USDC or fiat during the migration period before the product eventually expires.
The deal marks another step in Coinbase’s push to expand the use of USDC beyond Ethereum (ETH) and centralized exchanges as competition among stablecoin issuers intensifies.
Hyperliquid has become one of the most followed crypto projects this year. The decentralized trading platform gained a loyal following by offering perpetual futures trading with low fees, high liquidity, and a fast user experience that rivals centralized exchanges.
Trading activity on the network has increased in recent months as traders shifted to on-chain platforms following renewed interest in decentralized finance. According to Coinbase, the supply of USDC on Hyperliquid has roughly doubled year-over-year to around $5 billion.
The network has also become a growing hub for speculative trading and token launches. That growth has made Hyperliquid a bigger player in discussions about the structure of the crypto market. Stablecoins act as the central settlement layer for most cryptocurrency trading activities, and securing dominant liquidity in a rapidly growing exchange ecosystem gives Coinbase and Circle (CRCL) broader scope for USDC adoption.
Native Markets said Coinbase’s participation could further strengthen Hyperliquid’s position by directly bringing one of the largest US crypto companies into the ecosystem.
The deal also reflects a broader shift in crypto infrastructure. Instead of treating stablecoins as separate products, exchanges and blockchain networks are increasingly integrating them into trading, collateral and treasury systems designed to operate 24 hours a day.
Coinbase said the partnership would help create a more unified global marketplace for on-chain capital markets, where traders can move between crypto assets and fiat-backed stablecoins without abandoning blockchain-based platforms.
