Coinbase becomes the official treasury deployer of USDC on Hyperliquid and acquires rights to purchase USDH brand assets

Odaily reported that Coinbase has announced it has become the official treasury deployer of USDC on Hyperliquid, aligning it as the quote asset. As part of this transition, Native Markets has reached an agreement granting Coinbase the right 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 size of USDC on Hyperliquid is approximately $5 billion, 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.