HYPE Jumps 17% After Hyperliquid Grants Coinbase Rights to USDH Assets

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HYPE, reached a yearly high of $46.93, soaring 17% in 24 hours following news that Coinbase will stake HYPE to activate AQAv2. HYPE Jumps 17% After Hyperliquid Grants Coinbase Rights to USDH Assets Key Takeaways - HYPE surged 17% to $46.93 after Coinbase committed to staking the token to activate AQAv2 on the protocol. - Hyperliquid will replace USDH with USDC to consolidate liquidity and share yield revenue with the L1 network. - The Hyper Foundation is providing grants to HIP-3 and HIP-1 builders to support migration over the next few months. The Shift to USDC Integration HYPE, the utility token of the decentralized exchange and layer 1 protocol Hyperliquid, surged to $46.93 on Friday, its highest point this year. The rally followed an announcement by Coinbase that it will commit to staking HYPE to activate AQAv2. HYPE’s sharp climb reversed a downward trend that had seen the token slide from around $44 on May 9 to just under $39 by May 14 morning. Although it had retreated to $45.68 at the time of writing (4:40 a.m. EDT), it was still up by more than 17% in 24 hours. The climb also saw HYPE’s market cap rise to just over $10 billion, shy of the $11 billion mark. In a statement on X explaining the Coinbase and Circle collaboration, Hyperliquid said Native Markets, which built the first network-integrated stablecoin for its protocol, has agreed to terms granting Coinbase the right to purchase the USDH brand assets. It added: “With Coinbase, in its role as treasury deployer, sharing the vast majority of reserve yield revenue with the protocol, USDC will become the most aligned stablecoin on Hyperliquid. As a result, canonical outcome (HIP-4) markets will use USDC as the quote asset in a future network upgrade.” Hyperliquid explained that part of the reason for the decision was feedback from users and builders suggesting that fragmentation was degrading the experience. It said that while the plan is to sunset USDH markets over time, they remain fully functional in the meantime. The stablecoin itself remains “fully backed, with feeless conversions to USDC and fiat available to users during this transition.” Furthermore, the Hyper Foundation will provide grants to eligible HIP-3 deployers, HIP-1 deployers, and builders who have integrated USDH, while supporting teams through the migration over the next few months. On social media, the reaction was largely positive. One user, Charlie.hl expressed acceptance of the outcome, describing the move as a strategic alignment that consolidates liquidity. While some other users hailed the shift as a major bullish milestone for Hyperliquid’s maturity, a few expressed surprise at the sudden pivot away from the native USDH asset. Hyperliquid’s USDH Debut: Concentrated Supply, Modest Market Share, Big Buzz Hyperliquid’s USDH Debut: Concentrated Supply, Modest Market Share, Big Buzz Hyperliquid just rolled out its new stablecoin USDH, and Native Markets snagged the golden ticket to run the pipes. As… Read NowHyperliquid just rolled out its new stablecoin USDH, and Native Markets snagged the golden ticket to run the pipes. As…

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