Coinbase becomes the official treasury deployer of USDC on Hyperliquid, integrating USDC liquidity into Hyperliquid’s trading infrastructure through the Aligned Quote Asset framework to deepen on-chain capital markets.

USDH is being phased out gradually, remaining fully backed and convertible to USDC without fees during the transition, while Native Markets continues conversions and redemptions in the interim.

The move consolidates USDC as the preferred stablecoin underpinning on-chain markets, aiming to boost market efficiency by concentrating liquidity in USDC across 24/7 on-chain trading.

Hyperliquid commands a significant market footprint, with its chain capturing roughly 40% of on-chain fees across major networks.

Hyperliquid has grown rapidly as a decentralized perpetual trading platform, known for low fees, strong liquidity, and fast execution that attract substantial on-chain activity.

The platform’s growth is driven by demand for on-chain leverage trading and continuous price discovery within a decentralized ecosystem.

Hyperliquid is drawing attention as a blockchain-native trading infrastructure that facilitates decentralized perpetual trading and active user engagement.

The Block discloses standard independence and financial disclosures related to its reporting on Hyperliquid and related developments.

In market context, Hyperliquid’s HYPE token traded around $40, up about 3% in the last 24 hours.

Institutional adoption of stablecoin infrastructure continues to accelerate, with banks and asset managers increasingly using blockchain-based settlement and digital payments.

DeFi expansion persists, with stablecoins serving as foundational components for lending, trading, liquidity provisioning, and derivatives.

Regulatory discussions around stablecoins remain a major theme, focusing on reserve backing, transparency, and compliance that could shape market development.