HYPE Up 5% as Coinbase Expands Hyperliquid Role as USDC Deployer

HYPE pumps 5% as Coinbase deepens its involvement with Hyperliquid after becoming the network’s official treasury deployer for USDC.

The partnership, announced on Thursday, marks a major shift for the Hyperliquid stablecoin infrastructure, bringing in Coinbase through its Aligned Quote Asset framework. The announcement aims to make USDC the dominant settlement asset across the ecosystem, gradually sunsetting its earlier native stablecoin USDH.

Key Points

• Coinbase is deepening its involvement with Hyperliquid after becoming the network’s official treasury deployer for USDC.
• Native Markets agreed to grant Coinbase the right to purchase the USDH brand assets as part of the transition.
• Coinbase will also significantly increase its staked HYPE position.
• Following the announcement, Hyperliquid’s native token, HYPE, pumped 5% to $41.

Coinbase Expands Support for Hyperliquid

According to the announcement, Native Markets agreed to grant Coinbase the right to purchase the USDH brand assets as part of the transition. During the migration process, users will still be able to redeem USDH for USDC or fiat without fees through Native Markets’ dashboard.

The development further strengthens Coinbase’s broader effort to expand USDC beyond centralized exchanges and major networks as competition within the stablecoin sector intensifies. As part of the agreement, Coinbase will also significantly increase its staked HYPE position.

Hyperliquid Becoming a Major On-Chain Trading Hub

Hyperliquid has rapidly become one of the most closely watched decentralized platforms in crypto. The network gained traction by offering perpetual futures markets with deep liquidity, lower costs, and execution speeds that increasingly rival centralized exchanges.

As activity across decentralized finance (DeFi) accelerated again this year, Hyperliquid benefited from rising demand for on-chain derivatives platforms. That momentum also translated into stronger stablecoin activity throughout the ecosystem.

According to Coinbase, USDC supply on Hyperliquid has nearly doubled year over year, reaching approximately $5 billion. The stablecoin already served as the leading liquidity asset on the platform before this latest partnership expansion.

Under the AQA structure, stablecoin liquidity integrates directly into Hyperliquid’s core infrastructure, while reserve yield revenue flows back into the protocol itself. Coinbase’s new role effectively places the company at the center of USDC liquidity management within the network.

HYPE Pumps 5%

Following the announcement, Hyperliquid’s native token, HYPE, pumped 5% to $41, recovering from yesterday’s sideways trend. Trading volume also increased to $335 million per CoinMarketCap, marking a 12% growth in the past 24 hours.

The rally adds to HYPE’s positive price action over the past five months. While it is down 5% in the past 30 days, it has grown an impressive 64% since the start of the year, making it the best-performing cryptocurrency in the top 20 market cap ranking in that timeframe.