Coinbase Solidifies USDC Role with Hyperliquid Partnership

Coinbase has strengthened its partnership with Hyperliquid, a crypto exchange that relies heavily on USDC for its operations. As part of the agreement, Coinbase will serve as the official treasury deployer of USDC on the Hyperliquid platform.

The role is crucial in maintaining liquidity and instant settlement capabilities in onchain markets, which operate 24/7. This requirement is met by USDC's unique characteristics of being always available, instantly transferable, and deeply liquid.

Notably, this partnership marks a significant expansion for Coinbase, further solidifying its presence in the stablecoin market. The deal also sees Coinbase acquiring rights to the USDH brand assets from Native Markets, which will be gradually phased out over time.