Coinbase (COIN) is expanding its presence on Hyperliquid (HYPE), one of the fastest-growing crypto trading networks, by becoming the official USDC cash deployer on the blockchain, the companies announced Thursday.
The move gives Coinbase a central role in managing USDC liquidity on Hyperliquide through the network’s Aligned Quote Asset, or AQA, framework. The system connects stablecoin liquidity directly to Hyperliquid’s trading infrastructure and shares reserve revenue with the protocol.
As part of the transition, Native Markets, the developer behind the hyperliquid native stablecoin USDH, agreed to terms granting Coinbase the right to purchase the USDH-branded assets. USDH will remain exchangeable for USDC or fiat during the migration period before the product disappears over time.
The deal marks another step in Coinbase’s efforts to expand the use of USDC beyond Ethereum (ETH) and centralized exchanges as competition among stablecoin issuers intensifies.
Hyperliquide has become one of the most closely watched crypto projects this year. The decentralized trading platform has built customer loyalty by offering perpetual futures trading with low fees, high liquidity, and a fast user experience that rivals centralized exchanges.
Trading activity on the network has increased in recent months, as traders have turned to on-chain platforms following a surge in interest in decentralized finance. Hyperliquid USDC supply has roughly doubled year-over-year to around $5 billion, according to Coinbase.
The network has also become a growing center for speculative transactions and token launches. This growth has made Hyperliquid a more prominent player in discussions about crypto market structure. Stablecoins act as the primary settlement layer for most crypto trading activity, and ensuring dominant liquidity on a fast-growing exchange ecosystem gives Coinbase and Circle (CRCL) broader reach for USDC adoption.
Native Markets said Coinbase’s involvement could further strengthen Hyperliquid’s position by directly integrating one of the largest US crypto companies into the ecosystem.
This arrangement also reflects a broader shift in crypto infrastructure. Rather than treating stablecoins as separate products, exchanges and blockchain networks are increasingly integrating them into trading, collateralization and treasury systems designed to operate around the clock.
Coinbase said the partnership would help create a more unified global marketplace for on-chain capital markets, where traders can move between crypto assets and fiat-backed stablecoins without leaving blockchain-based platforms.
