Hyperliquid Expands USDC Stablecoin Role With Coinbase Partnership

Hyperliquid, a leading onchain perpetuals trading platform, has announced a significant partnership with Coinbase to expand the role of USDC as its primary stablecoin. As part of this agreement, Coinbase will serve as Hyperliquid's official treasury deployer for USDC, further solidifying the stablecoin's position in onchain derivatives markets.

The move follows the gradual sunset of USDH, a stablecoin developed by Native Markets, which has been used on the Hyperliquid platform since 2025. Despite its existing presence, USDH will eventually be phased out in favor of USDC, with users able to redeem their tokens for either USDC or fiat currency through Native Markets' dashboard without incurring any fees.

This development is significant as it demonstrates the increasing importance of stablecoins in DeFi trading ecosystems. By partnering with Coinbase, Hyperliquid is able to tap into a broader range of institutional backing and support, which is expected to further deepen USDC's position in onchain derivatives markets.