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Coinbase backs Hyperliquid stablecoin push as DeFi trading volumes climb
Key takeaways
- The move gives Coinbase a central role in managing USDC liquidity on Hyperliquid through the network’s Aligned Quote Asset, or AQA, framework.
- As part of the transition, Native Markets, the developer behind Hyperliquid-native stablecoin USDH, agreed to terms granting Coinbase the right to purchase USDH brand assets.
- The deal marks another step in Coinbase’s push to expand USDC usage beyond Ethereum (ETH) and centralized exchanges as competition among stablecoin issuers intensifies.
The move gives Coinbase a central role in managing USDC liquidity on Hyperliquid through the network’s Aligned Quote Asset, or AQA, framework. The system connects stablecoin liquidity directly into Hyperliquid’s trading infrastructure and shares reserve yield revenue with the protocol.
As part of the transition, Native Markets, the developer behind Hyperliquid-native stablecoin USDH, agreed to terms granting Coinbase the right to purchase USDH brand assets. USDH will remain redeemable for USDC or fiat during the migration period before the product sunsets over time.
The deal marks another step in Coinbase’s push to expand USDC usage beyond Ethereum (ETH) and centralized exchanges as competition among stablecoin issuers intensifies.
Article preview — originally published by CoinDesk. Full story at the source.
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