Coinbase becomes official treasury deployer for USDC on Hyperliquid, acquires rights to purchase USDH brand assets

Odaily reports that Coinbase has announced its role as the official treasury deployer for USDC on Hyperliquid, aligning it as the quote asset. As part of this transition, Native Markets has reached an agreement granting Coinbase the rights to purchase USDH brand assets. The USDH market will be gradually phased out, during which users can still exchange USDH for USDC or fiat currency without fees.

Currently, the USDC scale on Hyperliquid stands at approximately $5 billion, representing a 2x increase year-over-year. This integration aims to strengthen USDC's position as the preferred stablecoin for on-chain capital markets, further unifying global markets and improving capital efficiency.