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Coinbase, the largest cryptocurrency exchange in the US, has become the official treasury issuer of $USDC on Hyperliquid and has purchased $USDH branded assets.
However, Hyperliquid (HYPE) is discontinuing its native $USDH stablecoin and appointing Coinbase as the official $USDC treasury distributor.
As part of the transition process, Native Markets, the operator of Hyperliquid’s stablecoin $USDH, agreed to grant Coinbase the right to purchase $USDH-branded assets.
“Today, we are excited to announce that Coinbase has expanded its support for $USDC on Hyperliquid, making $USDC the official treasury dispenser as an Aligned Pricing Asset (AQA).”
As part of this transition, Native Markets has agreed to terms granting Coinbase the right to purchase $USDH token assets. $USDH markets are fully functional but will be phased out over time.
According to the announcement, users will continue to be able to convert $USDH to $USDC or fiat currency free of charge through Native Markets’ $USDH Dashboard in the coming months.
Coinbase CEO Brian Armstrong also commented on the development. Armstrong said, “$USDC is becoming the standard in the crypto markets. Coinbase is making $USDC available on HyperliquidX to help grow the ecosystem and scale the way capital moves.”
*This is not investment advice.