Coinbase Deepens USDC Integration on Hyperliquid
Crypto exchange Coinbase expanded its partnership with Hyperliquid after securing a key treasury role for USDC deployment. The agreement also grants Coinbase rights to acquire the USDH brand assets from Native Markets. Meanwhile, Hyperliquid’s HYPE token gained momentum after the announcement, while Coinbase stock moved lower during market trading.
Today we’re expanding our support for @HyperliquidX by becoming the platform’s official treasury deployer of USDC.
Onchain markets operate 24/7 and require collateral that is always available, instantly transferable, and deeply liquid – USDC delivers exactly that.
Alongside… pic.twitter.com/ki7QmSJVdH
— Coinbase 🛡️ (@coinbase) May 14, 2026
Hyperliquid has relied heavily on USDC since launching in 2023, especially for leveraged trading activity and collateral management. Moreover, the exchange reported rapid growth in stablecoin usage across the platform during the past year. Coinbase stated that onchain markets require continuous liquidity and instant settlement capabilities.
HYPE Gains Momentum while COIN Shares Decline
The HYPE token recorded strong upward movement following confirmation of the expanded relationship between both companies. Besides, traders reacted positively to Coinbase increasing its staked HYPE allocation within the ecosystem. Market participants viewed the move as stronger institutional support for Hyperliquid’s infrastructure.
Trading activity reflected higher buying pressure across the HYPE market during the trading session. Consequently, the token maintained gains above key short-term support levels after the announcement. TradingView charts showed HYPE holding near recent highs during the latest market activity.
Meanwhile, Coinbase stock moved lower despite the strategic expansion into Hyperliquid’s ecosystem. TradingView data showed COIN trading near $197 during the market open, reflecting a decline exceeding 2%. However, the stock movement contrasted sharply with the positive response seen in the HYPE token market.
Coinbase Secures USDH Brand Rights as Stablecoin Winds Down
Coinbase also secured rights to purchase the USDH brand assets from Native Markets under the broader agreement. Native Markets launched the USDH stablecoin last year as Hyperliquid’s native dollar-pegged asset. However, the companies now plan to phase out USDH gradually over time.
The exchange confirmed that USDH markets remain operational throughout the transition process across supported platforms. In addition, users can still complete feeless conversions between USDH and USDC during the transition period. Fiat redemption services also remain available for holders while the wind-down continues.
The development highlights growing consolidation within the stablecoin sector as larger assets strengthen market dominance. USDC continues expanding its presence across decentralized finance platforms and derivatives ecosystems. Consequently, the transition may increase competition between USDC and rival stablecoins within perpetual trading markets.
