Coinbase becomes Hyperliquid’s official USDC treasury deployer as USDH sunsets
The Block
Coinbase has replaced USDH with USDC as Hyperliquid’s primary stablecoin, overseeing its treasury deployment as the native stablecoin begins its sunset phase.Summary
Coinbase has been appointed as the official treasury deployer for USDC on the Hyperliquid platform, marking a transition away from the native stablecoin USDH. As part of this shift, Native Markets, the operator of USDH, has granted Coinbase rights to its brand assets. While USDH will gradually sunset, Native Markets confirmed that it remains fully backed and redeemable for USDC or fiat during the migration process. This move strengthens USDC's integration within Hyperliquid, which currently leads the market in onchain perpetual trading fees.
(Source：The Block)