Coinbase Becomes Official USDC Treasury Deployer for Hyperliquid as USDH Phases Out

Coinbase has been appointed as the official treasury deployer for USDC on Hyperliquid, taking on the role of an aligned quote asset provider while the platform begins winding down its native USDH stablecoin.

Under the agreement, Native Markets, which operates USDH, will allow Coinbase to acquire USDH brand assets as part of the transition process. USDH will gradually be phased out as USDC expands its presence across the ecosystem.

USDH Redemption and Transition Process

Users will still be able to redeem USDH for USDC or fiat without fees during the transition period through Native Markets’ dashboard. The company confirmed that USDH remains fully backed and will continue operating until the migration is completed.

Hyperliquid introduced USDH under its aligned quote asset framework in 2025, while USDC has remained the dominant stablecoin on the platform since its launch in 2023.

Growing Role of Hyperliquid in Onchain Trading

Hyperliquid, launched in late 2024, has quickly grown into a leading onchain perpetual futures platform, capturing a large share of decentralized trading activity.

Recent data shows the network accounts for a significant portion of fees across major blockchains, driven mainly by leveraged derivatives trading. The ecosystem has also gained attention following the launch of new investment products tied to its native token HYPE.