- Coinbase has become Hyperliquid’s official USDC treasury deployer under the platform’s aligned quote asset (AQA) framework.
- Hyperliquid-native stablecoin USDH will gradually sunset as USDC becomes the dominant stablecoin across the ecosystem.
- Users will still be able to redeem USDH for USDC or fiat without fees during the transition period.
- Hyperliquid continues to dominate the onchain perpetual futures market and now captures around 40% of blockchain fee market share.
- The move further strengthens Coinbase’s growing influence in onchain trading infrastructure and stablecoin adoption.
Coinbase Deepens Its Role Inside Hyperliquid
Coinbase has officially become Hyperliquid’s treasury deployer for USDC, marking another major milestone for the fast-growing onchain derivatives ecosystem. The partnership places USDC at the center of Hyperliquid’s infrastructure strategy while gradually phasing out the platform’s native stablecoin, USDH.
As part of the agreement, Native Markets, the company behind USDH, granted Coinbase the right to purchase USDH-related brand assets. Over the coming months, USDH will slowly sunset while USDC expands its role as the primary quote and settlement asset across Hyperliquid.
Coinbase said users will continue to have access to fee-free redemptions from USDH into USDC or fiat currencies through Native Markets’ dashboard during the migration process.
Why Hyperliquid Is Choosing USDC
Hyperliquid launched in 2023 and quickly became one of the largest decentralized perpetual trading platforms in crypto. According to Coinbase, USDC has already been the dominant stablecoin on the platform since launch, even before USDH entered the ecosystem through Hyperliquid’s AQA framework in 2025.
The decision reflects a broader trend across crypto markets where institutional and retail users increasingly prefer established stablecoins with deep liquidity and strong regulatory positioning. USDC, issued by Circle and closely tied to Coinbase, has become one of the most widely used dollar-backed assets in decentralized finance.
Native Markets emphasized that USDH remains fully backed and operational during the transition. The company also said it will coordinate with developers across Hyperliquid’s HIP-1 and HIP-3 ecosystem to ensure migration happens smoothly before USDH is fully retired.
Hyperliquid Continues Expanding Its Market Lead
The stablecoin transition comes during a period of rapid growth for Hyperliquid. Since launching its Layer 1 blockchain in late 2024, the platform has become the dominant onchain perpetual futures exchange.
Data from The Block shows Hyperliquid now captures roughly 40% of total blockchain fee market share, ahead of major ecosystems including Ethereum, Solana, and Tron. Most of these fees come from leveraged perpetual trading activity, where users continuously pay fees to open and maintain positions.
The platform’s rise has also started attracting traditional financial products. Earlier this week, 21Shares launched the first-ever Hyperliquid ETF, giving investors exposure to the HYPE token without directly holding crypto assets.
The combination of ETF launches, growing trading activity, and Coinbase’s treasury involvement signals that Hyperliquid is increasingly becoming one of the most important trading ecosystems in crypto.
