Coinbase domine Hyperliquid liquidité ! Acquisition des actifs de la marque USDH, USDC devient la seule stablecoin officielle avec un taux fixe.

Hyperliquid stablecoin ecosystem shake-up! Coinbase today announced that it has become the official Treasury Deployer for Hyperliquid’s USDC funds, and will acquire the rights to the native stablecoin brand USDH. As USDH prepares to gradually exit, the USDC with a scale of up to 5 billion dollars will fully take over the liquidity of the network. Coinbase emphasized that a unified pricing asset will significantly reduce conversion friction and further connect global on-chain capital markets.
（Background: Coinbase x402 integrates AWS AgentCore: enabling AI agents to autonomously find services, make payments, and complete tasks）
（Additional background: The more Coinbase loses, the more the CEO sells stocks! Brian Armstrong sold 1.5 million shares in a year, cashing out 550 million dollars）

The underlying liquidity architecture of decentralized derivatives giant Hyperliquid is about to undergo a historic integration.

The largest cryptocurrency exchange in the US, Coinbase, announced today (14th) that it will further expand its support for on-chain capital markets, officially becoming the Treasury Deployer for USDC on the Hyperliquid network, and will use USDC as the network’s Aligned Quote Asset (AQA).

Acquisition of USDH brand, native stablecoin gradually phased out

The most notable part of this integration plan is the “unification” action targeting Hyperliquid’s existing stablecoin ecosystem.

The announcement pointed out that the native stablecoin USDH, developed by the Native Markets team to provide an integrated network experience for Hyperliquid users, will come to the end of its historic mission. As part of the transition plan, Native Markets has agreed to license Coinbase to purchase the rights to the “USDH” brand assets.

This means that, although USDH is still fully operational in the market, it will gradually exit over the next few months (Sunset over time). The official emphasized that USDH remains 100% asset-backed, and users can seamlessly exchange their USDH for USDC or fiat currency without fees via Native Markets’ USDH dashboard during the transition.

USDC scale reaches 5 billion dollars, improving efficiency through concentrated liquidity

Why go through the trouble of shifting all liquidity to USDC? Coinbase provided clear business and technical reasoning in the announcement.

As the 24/7 on-chain capital markets continue to expand, dispersed liquidity often causes slippage and conversion costs for traders. Coinbase pointed out that concentrating liquidity in USDC, which is always available and can be transferred instantly, not only greatly improves market efficiency but also allows capital to flow freely with fewer conversion steps.

• Explosive growth: Since launching on Hyperliquid in 2023, USDC has experienced remarkable growth. The total USDC in this ecosystem has now reached approximately 5 billion dollars (doubling year-over-year).
• Global network effect: Market participants will directly benefit from USDC’s extensive global deposit and withdrawal network (including Coinbase’s own fiat channels), further consolidating a more cohesive global market.

Coinbase stated that since the launch of Hyperliquid, it has quickly become a dominant player in the on-chain trading network. As a co-founder and major issuer of USDC, Coinbase will continue investing in supporting developers on HyperEVM. This integration is considered the most in-depth stablecoin on-chain integration to date and marks an important milestone for USDC’s dominance in the on-chain derivatives market.