Coinbase becomes the USDC treasury deployer on Hyperliquid under the AQAv2 framework, unifying stablecoin infrastructure. USDC supply reaches $5 billion, doubling YoY. Native Markets' USDH will sunset over coming months, with feeless conversions to USDC available.

Coinbase becomes the official USDC treasury deployer on Hyperliquid under AQAv2, with Circle handling cross-chain infrastructure. USDH will sunset over months. The upgrade ends fragmentation, redirects reserve yield to the protocol, and deepens liquidity.

HyperLiquid has announced an upgrade to AQAv2, a mechanism that uses automated on-chain transactions to maintain a 1:9 USDC balance between its contract execution layer and treasury reserve layer in every HyperEVM block.