On May 14, 2026, Coinbase announced a major expansion of its onchain infrastructure by becoming the official treasury deployer of USDC on the Hyperliquid network. By integrating USDC as an Aligned Quote Asset (AQA), Coinbase aims to concentrate liquidity and improve efficiency across 24/7 onchain capital markets.
Sunsetting USDH and Brand Acquisition
As part of this strategic transition, Native Markets has agreed to terms granting Coinbase the right to purchase the USDH brand assets. While USDH markets remain fully functional for the time being, the asset is scheduled to sunset.
Native Markets, which pioneered the integrated stablecoin concept on Hyperliquid, will facilitate the migration process. Users can currently redeem USDH for USDC or fiat without fees via the USDH Dashboard. Coinbase emphasized that USDH remains fully backed throughout this transition period.
Deepening Onchain Liquidity
The move solidifies USDC’s position as the premier stablecoin within the Hyperliquid ecosystem. Since its 2023 launch, USDC has experienced explosive growth on the network, reaching approximately $5 billion in total value, which is a 100% year-over-year increase.
By serving as the official deployer, Coinbase allows market participants to better leverage its global network of fiat on- and off-ramps. “Concentrating liquidity with USDC, which is always available and instantly transferable, improves market efficiency and allows capital to flow freely with fewer conversions,” the company stated.
Commitment to the Hyperliquid Ecosystem
This integration represents the deepest onchain stablecoin integration to date. Coinbase reiterated its commitment to supporting builders on HyperEVM and driving broader adoption of the onchain economy. As the co-founder and lead distribution partner of USDC, Coinbase’s role as an AQA deployer is designed to unify a cohesive global marketplace where crypto assets act as standard allocations rather than alternative investments.
