Coinbase backs Hyperliquid stablecoin push as DeFi trading volumes climb

Coinbase (COIN) is expanding its presence on Hyperliquid (HYPE), one of crypto’s fastest-growing trading networks, by becoming the official treasury deployer of $USDC on the blockchain, the companies announced Thursday.

The move gives Coinbase a central role in managing $USDC liquidity on Hyperliquid through the network’s Aligned Quote Asset, or AQA, framework. The system connects stablecoin liquidity directly into Hyperliquid’s trading infrastructure and shares reserve yield revenue with the protocol.

As part of the transition, Native Markets, the developer behind Hyperliquid-native stablecoin USDH, agreed to terms granting Coinbase the right to purchase USDH brand assets. USDH will remain redeemable for $USDC or fiat during the migration period before the product sunsets over time.

The deal marks another step in Coinbase’s push to expand $USDC usage beyond Ethereum (ETH) and centralized exchanges as competition among stablecoin issuers intensifies.

Hyperliquid has become one of the most closely watched projects in crypto this year. The decentralized trading platform built a loyal following by offering perpetual futures trading with low fees, deep liquidity and a fast user experience that rivals centralized exchanges.

Trading activity on the network has surged in recent months as traders shifted toward onchain platforms following renewed interest in decentralized finance. $USDC supply on Hyperliquid has roughly doubled year over year to around $5 billion, according to Coinbase.

The network has also become a growing center for speculative trading and token launches. That growth has turned Hyperliquid into a larger player in crypto market structure discussions. Stablecoins act as the core settlement layer for most crypto trading activity, and securing dominant liquidity on a fast-growing exchange ecosystem gives Coinbase and Circle (CRCL) broader reach for $USDC adoption.

Native Markets said Coinbase’s involvement could further strengthen Hyperliquid’s position by bringing one of the largest U.S. crypto companies directly into the ecosystem.

The arrangement also reflects a broader shift in crypto infrastructure. Rather than treating stablecoins as separate products, exchanges and blockchain networks increasingly integrate them into trading, collateral and treasury systems designed to operate around the clock.

Coinbase said the partnership would help create a more unified global marketplace for onchain capital markets, where traders can move between crypto assets and fiat-backed stablecoins without leaving blockchain-based platforms.