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19h ago

Coinbase Named USDC Treasury Deployer on Hyperliquid as Circle Takes Technical Role

The shift channels most reserve income back to the protocol, pointing to a stablecoin model that pays venues for the liquidity they host.

Coinbase takes over USDC treasury role on Hyperliquid as USDH stablecoin heads for sunset
Coinbase expands usdc reach through hyperliquid treasury partnership
Circle deepens hyperliquid partnership to expand usdc infrastructure
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Overview

  • Hyperliquid, which announced the change Thursday, designated Coinbase to manage USDC liquidity under its AQAv2 framework and set USDC to become the aligned quote asset, including for future HIP-4 markets.
  • Circle will serve as technical deployer for USDC, running mint, redemption and cross-chain transfers through CCTP, and it disclosed an additional 500,000 HYPE staked on the network.
  • Native Markets granted Coinbase rights to purchase USDH brand assets, while USDH remains fully backed with feeless redemptions to USDC or fiat as its markets sunset over time.
  • Coinbase said it will share the vast majority of USDC reserve-yield revenue with Hyperliquid, and it reported about $5 billion of USDC on the network after a year-over-year doubling.
  • HYPE rose and COIN slipped after the news, and coverage noted efficiency gains from consolidating trading into one dollar asset along with risks from single-issuer reliance and unspecified revenue-sharing percentages.