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Coinbase backs Hyperliquid stablecoin push as DeFi trading volumes climb
Coinbase will manage USDC liquidity on Hyperliquid, deepening ties with one of crypto’s fastest-growing trading platforms.
May 14, 2026, 12:13 p.m. 2 min read
What to know:
- Coinbase will become the official treasury deployer of USDC on Hyperliquid, giving it a central role in managing stablecoin liquidity on one of crypto’s fastest-growing trading networks.
- As part of the deal, Coinbase secured rights to purchase assets tied to Hyperliquid-native stablecoin USDH, which will remain redeemable for USDC or fiat during a migration period before being phased out.
- The partnership underscores Coinbase’s strategy to expand USDC beyond Ethereum and centralized exchanges, integrating the stablecoin more deeply into onchain trading infrastructure as Hyperliquid’s USDC supply nears $5 billion.
As part of the transition, Native Markets, the developer behind Hyperliquid-native stablecoin USDH, agreed to terms granting Coinbase the right to purchase USDH brand assets. USDH will remain redeemable for USDC or fiat during the migration period before the product sunsets over time.
The deal marks another step in Coinbase’s push to expand USDC usage beyond Ethereum (ETH) and centralized exchanges as competition among stablecoin issuers intensifies.
Hyperliquid has become one of the most closely watched projects in crypto this year. The decentralized trading platform built a loyal following by offering perpetual futures trading with low fees, deep liquidity and a fast user experience that rivals centralized exchanges.
