Coinbase said it will become the official treasury deployer for USDC on Hyperliquid and designate USDC as the network’s aligned quote asset. The exchange also plans to acquire the rights to the USDH brand assets, setting up a broader shift in Hyperliquid’s stablecoin structure. Under the plan, USDH will remain operational for now but will be phased out over the coming months.
USDH to sunset while fee-free conversions remain available
According to the announcement, USDH was developed by the Native Markets team to offer an integrated stablecoin experience for Hyperliquid users. As part of the transition, Native Markets agreed to let Coinbase purchase the rights tied to the “USDH” brand assets. The market for USDH is still functioning in full, but the project is now entering a wind-down process.
During that transition, the announcement said USDH remains 100% asset-backed. Users can convert USDH into USDC or fiat through the Native Markets USDH dashboard without paying fees. The purpose is clear: move liquidity away from multiple stablecoin rails and concentrate it into USDC.
USDC on Hyperliquid has reached about $5 billion
Coinbase framed the move around market efficiency. In a 24/7 onchain capital market, fragmented quote and settlement assets can add conversion steps, slippage, and operational costs for traders. Concentrating liquidity in USDC, which can be moved instantly and used broadly, is intended to cut that friction and allow capital to move with fewer handoffs.
The company said USDC has grown rapidly on Hyperliquid since launching there in 2023. Total USDC in the ecosystem now stands at about $5 billion, with 2x year-over-year growth. Coinbase also said market participants will be able to tap into USDC’s global on- and off-ramp network, including Coinbase’s own fiat channels.
Broader push into onchain capital markets
Coinbase described Hyperliquid as a network that has quickly become a major onchain trading venue since launch. As a co-founding institution behind USDC and one of its key issuance partners, Coinbase said it will keep backing developers building on HyperEVM. The company presented the integration as one of its deepest onchain stablecoin efforts so far, centered on unifying quote assets, reducing conversion costs, and pulling more of Hyperliquid’s liquidity into USDC.