Coinbase becomes Hyperliquid's official USDC treasury deployer as USDH sunsets

Coinbase has become Hyperliquid's official treasury deployer for USDC as an aligned quote asset (AQA), with USDH set to sunset over time.

As part of the transition, Native Markets, the operator of Hyperliquid's stablecoin USDH, agreed to grant Coinbase the right to purchase USDH brand assets, according to a statement shared with The Block.

USDC has been the leading stablecoin on Hyperliquid since the platform launched in 2023, according to Coinbase. Native Markets later introduced USDH through Hyperliquid's AQA framework in 2025.

"Over the coming months, users will continue to be able to redeem USDH for USDC or fiat without fees via Native Markets’ USDH Dashboard," Coinbase said. "USDC has seen rapid growth on Hyperliquid, and now with Coinbase’s support, it represents the deepest onchain integration of a stablecoin to date."

In a separate statement, Native Markets assured users that USDH remains fully backed and maintained, and that it will work with HIP-3 and HIP-1 deployers to ensure the migration to USDC is complete before USDH is sunsetted.

Market leadership

Hyperliquid has quickly become the dominant onchain perpetual trading platform for crypto, backed by a high-performance Layer 1 blockchain.

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The Block's data shows that the Hyperliquid chain leads the market share in terms of fees, capturing roughly 40%, over Ethereum, Solana, Tron, and others. Its fees are driven primarily by perpetuals trading activity, where users pay to open, maintain, and close leveraged positions.

Earlier this week, 21Shares launched the first-ever Hyperliquid exchange-traded fund offering exposure to its native cryptocurrency HYPE (HYPE), reflecting the market’s recognition of Hyperliquid’s dominant position in the onchain derivatives market.