Coinbase is designated as Hyperliquid's official USDC treasury deployer as the platform discontinues its proprietary USDH stablecoin.
DeFi & Yields ·
Coinbase has been designated as Hyperliquid's official USDC treasury deployer following the platform's decision to sunset its proprietary USDH stablecoin. Native Markets, which previously managed USDH, sold the brand assets to Coinbase as part of the transition.
The move consolidates Hyperliquid's stablecoin infrastructure under Coinbase's custody and deployment framework. Rather than maintaining a separate native token, the protocol will now rely on USDC—a regulated stablecoin—for treasury operations, shifting the technical and custodial burden to an established exchange and asset manager.
The details of the transition timeline and full scope of Coinbase's operational responsibilities on Hyperliquid remain to be clarified. It is also unclear whether USDH holders will receive guidance on redemption, conversion, or migration options as the asset is phased out.