Hyperliquid, one of the fastest growing platforms in the cryptocurrency industry, has come to the fore with an important move. According to the statement, Coinbase will now assume responsibility for managing the USDC supply on the Hyperliquid blockchain and will become the official treasury manager of the network.
A new era in USDC liquidity
Under this partnership, Coinbase will take over the Aligned Quote Asset (AQA) system on Hyperliquid, integrating the liquidity of the USDC stablecoin directly into the network’s transaction infrastructure. The structure in question not only offers stablecoin reserves for transactions, but also shares a portion of the generated income with the protocol.
As part of the migration process, Native Markets, developer of the Hyperliquid-specific USDH stablecoin, also allowed the USDH brand assets to be acquired by Coinbase. During the transition period, it can be redeemed in USDH, USDC or traditional currencies. However, this product is expected to be completely withdrawn from the market in the future.
The role of Hyperliquid and Coinbase
At a time when competition in the field of decentralized finance is intensifying, Coinbase aims to expand the use of USDC not only to Ethereum and central exchanges but to wider ecosystems. The basis of this strategy is the competition with other stablecoin issuers in the market and the growing usage area.
Hyperliquid, which grew rapidly throughout the year, gained a large user base thanks to the low-fee, deep liquidity and fast transaction experience it offers. The platform makes a name for itself in the crypto markets by offering services similar to central exchanges with a focus on permanent futures transactions.
Joining forces in the stablecoin ecosystem
There has been a significant increase in trading volume on Hyperliquid, especially in recent months. While interest in decentralized finance applications increased, users turned to onchain (blockchain-based) platforms. According to data announced by Coinbase, the USDC balance on Hyperliquid nearly doubled in a year, reaching $5 billion.
Hyperliquid has become one of the frequently talked about projects in the industry, not only with its transaction volume, but also with its new token launches and effective market making. This momentum contributed to the platform gaining more and more influence over the overall structure of the crypto market.
Native Markets stated that Coinbase’s direct inclusion of one of the largest crypto companies in the USA into the ecosystem with this collaboration could further increase the power of Hyperliquid.
Stablecoins stand out as the main settlement tool in the crypto market today. Gaining liquidity control in a rapidly growing ecosystem like Hyperliquid noticeably increases the prevalence of both Coinbase and USDC.
This agreement also marks an overall transformation in crypto infrastructure. Now, exchanges and blockchain networks have begun to use stablecoins in an integrated manner, not as independent products, but as natural components of collateral, treasury and trading processes.
Coinbase emphasized that this partnership will create a more integrated global market environment where crypto assets and fiat-backed stablecoins can be switched without leaving blockchain-based platforms.
