#GateSquareMayTradingShare

$HYPE Coinbase, the largest cryptocurrency exchange in the US, has become the official treasury issuer of $USDC on Hyperliquid and has purchased assets branded with $USDH.

However, Hyperliquid (HYPE) is discontinuing the native stablecoin $USDH and appointing Coinbase as the official treasury distributor for $USDC .

During the transition, Native Markets, the operator of Hyperliquid’s stablecoin $USDH , has agreed to grant Coinbase the right to purchase assets branded with $USDH.

“Today, we are pleased to announce that Coinbase has expanded support for $USDC on Hyperliquid, turning $USDC into the official treasury distributor as a Linked Asset Quote (AQA).”

As part of this transition, Native Markets has agreed to terms granting Coinbase the right to purchase tokenized assets of $USDH. $USDH markets will continue to operate fully but will gradually be removed over time.

According to the announcement, users will continue to be able to convert $USDH to $USDC or fiat currency for free through Native Markets’ $USDH Dashboard in the coming months.

Coinbase CEO Brian Armstrong also commented on this development. Armstrong said: “$USDC is becoming the standard across crypto markets. Coinbase is providing $USDC on HyperliquidX to help grow the ecosystem and scale capital flows.”

*This is not investment advice.