Coinbase to manage USDC liquidity on Hyperliquid as platform retires USDH, users offered fee-free redemptions
Coinbase will become the official USDC treasury deployer on Hyperliquid as the platform phases out its native USDH stablecoin.
Coinbase has been named Hyperliquid’s official treasury deployer for USDC and has acquired the right to purchase USDH-branded assets as the platform phases out its native USDH stablecoin, with Native Markets consenting to the transfer of those rights [1] [2] [3].
Hyperliquid said USDH users will be able to redeem into USDC or fiat without fees during the transition, while Coinbase will manage USDC liquidity on the exchange — a change the companies say is intended to improve stablecoin liquidity and operational efficiency on the platform [3] [4] [1].
The deal deepens Coinbase’s ties with one of the fastest-growing trading venues: Hyperliquid currently controls a significant share of on-chain fee market activity (reported around 40%), much of it driven by perpetual futures trading, and the move comes amid rising DeFi trading volumes [3] [4].
The handover formalizes a shift from a nativeUSDH model toward USDC as Hyperliquid’s primary stablecoin, with Coinbase positioned to distribute USDC liquidity during the sunset of USDH [1] [3].
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Citations
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- 1Coinbase takes over USDC treasury role on Hyperliquid as USDH stablecoin heads for sunsetCrypto Briefing• May 14, 2026
- 2JUST IN: Coinbase Makes a Big Announcement Regarding Hyperliquid (HYPE) and USDC! Here Are the DetailsBitcoin Sistemi• May 14, 2026
- 3Coinbase Just Took Over Hyperliquid’s Stablecoin Layer – Here Is Why That MattersBlockNews• May 14, 2026
- 4Coinbase backs Hyperliquid stablecoin push as DeFi trading volumes climbCoinDesk• May 14, 2026
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