Coinbase (COIN) is expanding its presence on Hyperliquid (HYPE), one of crypto’s fastest-growing trading networks, by becoming the official treasury deployer of USDC 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 Quote Asset, or AQA, framework. The system connects stablecoin liquidity directly into Hyperliquid’s trading infrastructure and shares reserve dividend income with the protocol.
As part of the transition, Native Markets, the developer behind Hyperliquid native stablecoin USDH, agreed to terms that give Coinbase the right to buy USDH token assets. USDH will continue to be redeemable for USDC or fiat during the migration period before the product expires over time.
The deal marks another step in Coinbase’s push to expand USDC usage beyond Ethereum (ETH) and centralized exchanges as competition between stablecoin issuers intensifies.
Hyperliquid has become one of the most watched projects in crypto this year. The decentralized trading platform built a loyal following by offering perpetual futures trading with low fees, deep liquidity and a fast user experience that rivals centralized exchanges.
Trading activity on the network has increased in recent months as traders switched to onchain platforms following renewed interest in decentralized finance. The USDC supply on Hyperliquid has roughly doubled year over year to around $5 billion, according to Coinbase.
The network has also become a growing center for speculative trading and token launches. This growth has made Hyperliquid a bigger player in discussions about crypto market structures. Stablecoins serve as the central settlement layer for most crypto trading activities, and securing dominant liquidity on a rapidly growing exchange ecosystem gives Coinbase and Circle ( CRCL ) wider reach for USDC adoption.
Native Markets said Coinbase’s involvement could further strengthen Hyperliquid’s position by bringing one of the largest US crypto companies directly into the ecosystem.
The event 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, security and treasury systems designed to operate around the clock.
Coinbase said the partnership would help create a more unified global marketplace for onchain capital markets, where traders can move between cryptoassets and fiat-backed stablecoins without leaving blockchain-based platforms.
