Coinbase Global Inc. (NASDAQ:COIN) said it is expanding support for USDC on Hyperliquid (CRYPTO: HYPE), becoming the official treasury deployer of USDC as an “Aligned Quote Asset,” or AQA, on the rapidly growing decentralized exchange.
The move strengthens USDC’s position as a core liquidity layer for decentralized trading and broader on chain capital markets.
Why It Matters
In a May 13 blog post, Coinbase said concentrating liquidity around USDC improves market efficiency by reducing the need for stablecoin conversions while enabling faster capital movement across trading venues.
The company also framed the integration as part of a broader push toward 24/7 on chain capital markets powered by stablecoin infrastructure.
Coinbase will now have the rights to acquire USDH brand assets. Also, USDH remains fully backed during the transition period, with users still able to redeem into USDC or fiat without fees.
The Bigger Picture
Hyperliquid has rapidly emerged as one of crypto’s fastest-growing decentralized perpetual trading ecosystems, benefiting from rising demand for on chain leverage trading and continuous price discovery.
The announcement also highlights how stablecoin infrastructure is increasingly becoming central to crypto market structure rather than simply serving as a parking asset.
Coinbase noted that USDC has already become the leading stablecoin within the Hyperliquid ecosystem since the network launched in 2023.
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