Coinbase takes over USDC treasury role on Hyperliquid as USDH stablecoin heads for sunset

Coinbase is deepening its involvement with Hyperliquid by taking over as the official treasury deployer for $USDC on the network, a move targeting expanding stablecoin infrastructure for onchain financial markets, according to a Thursday announcement.

Today we’re expanding our support for @HyperliquidX by becoming the platform’s official treasury deployer of $USDC.

Onchain markets operate 24/7 and require collateral that is always available, instantly transferable, and deeply liquid – $USDC delivers exactly that.

Alongside… pic.twitter.com/ki7QmSJVdH

— Coinbase 🛡️ (@coinbase) May 14, 2026

Native Markets, which developed the $USDH stablecoin under Hyperliquid’s Aligned Quote Asset framework, has agreed to terms giving Coinbase the right to purchase the $USDH brand assets. $USDH users will continue to have access to fee-free redemptions into $USDC or fiat as the platform is gradually phased out.

Coinbase said the transition reinforces $USDC’s position as the dominant stablecoin within the Hyperliquid ecosystem, where supply has grown to approximately $5 billion. The company said the initiative supports long-term efforts to unify liquidity and improve efficiency across blockchain-based capital markets.