Key Takeaways:
Coinbase has become the official treasury deployer for USD Coin (USDC) on the Hyperliquid derivatives platform, a move that will see the exchange manage the stablecoin’s deployment and phase out the native USDH stablecoin.
"Coinbase is now the official treasury deployer for USDC on Hyperliquid," the company announced, confirming a deal where Native Markets will sell the USDH brand assets to Coinbase. The transition solidifies USDC's position as a dominant stablecoin in on-chain capital markets.
The arrangement will involve the gradual retirement of USDH, which was the native stablecoin on the decentralized derivatives platform. As of the announcement, USDC was trading at $0.9997, holding its peg to the U.S. dollar, according to CoinGecko data. The market capitalization for USDH was not immediately available.
For investors, the deal is expected to increase user confidence and capital inflows into Hyperliquid by replacing a smaller stablecoin with one of the industry's largest and most regulated. The move also represents a significant expansion of Coinbase's role within the broader DeFi ecosystem, positioning it as a key infrastructure provider for on-chain treasury management. This follows a broader trend of consolidation in the stablecoin market, where larger, more liquid stablecoins like USDC and Tether's USDT continue to absorb market share from smaller competitors.
This article is for informational purposes only and does not constitute investment advice.
