Coinbase Expands into Hyperliquid with USDC Deal

Coinbase has made significant moves in the world of cryptocurrency by partnering with Native Markets to acquire USDH brand assets and become the official treasury deployer of USDC stablecoins on the Hyperliquid network.

The acquisition is a strategic move for Coinbase, as it aims to consolidate stablecoin liquidity around a single token. With USDC being the sole Aligned Quote Asset (AQA) on Hyperliquid, this change will have a significant impact on the trading network.

Hyperliquid has seen rapid growth in recent months, with over $176 billion in perps volume processed over the last 30 days. The platform's user base has also grown to 1.19 million wallets, and it has been adding new trading verticals through its HIP-3 framework.