Coinbase Dominates Hyperliquid Liquidity! Acquires USDH Brand Assets, USDC Becomes the Sole Official Quote Stablecoin

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Hyperliquid stablecoin ecosystem reshuffle! Coinbase today made a major announcement, becoming Hyperliquid's official USDC Treasury Deployer, and will acquire the asset rights to the native stablecoin brand USDH. As USDH prepares to gradually exit, a massive 5 billion USD worth of USDC will fully take over the network's liquidity. Coinbase emphasizes that unifying the pricing asset will significantly reduce conversion friction and further interconnect the global on-chain capital markets. (Background: Coinbase x402 integrates AWS AgentCore: enabling AI agents to autonomously find services, make payments, and complete tasks) (Background supplement: The more Coinbase loses, the more the CEO sells stock! Brian Armtrong sold 1.5 million shares in one year, cashing out 550 million USD) The underlying liquidity architecture of centralized derivatives trading giant Hyperliquid is about to undergo a historic integration. Coinbase, the largest cryptocurrency exchange in the United States, issued an official announcement today (14th), declaring that it will further expand its support for on-chain capital markets, officially becoming the official USDC Treasury Deployer on the Hyperliquid network, and adopting USDC as the network's Aligned Quote Asset (AQA). Acquiring the USDH Brand, Native Stablecoin Gradually Phases Out The most striking aspect of this integration plan is the "grand unification" action targeting Hyperliquid's existing stablecoin ecosystem. The announcement states that USDH, the native stablecoin previously developed by the Native Markets team to provide network-integrated experiences for Hyperliquid users, will see the end of its historical mission. As part of the transition plan, Native Markets has agreed to grant Coinbase the right to purchase the "USDH" brand assets. This means that while the USDH market currently remains fully operational, USDH will sunset over time in the coming months. Officials emphasize that USDH still maintains 100% asset backing, and during the transition period, users can seamlessly convert their USDH into USDC or fiat currency through Native Markets' USDH dashboard, free of charge. USDC Scale Reaches 5 Billion USD, Concentrated Liquidity Boosts Efficiency Why go to such great lengths to fully shift liquidity to USDC? Coinbase provided clear commercial and technical logic in the announcement. As 24/7 round-the-clock on-chain capital markets continue to expand, fragmented liquidity often causes slippage and conversion costs for traders. Coinbase points out that concentrating liquidity in USDC, which is always available and instantly transferable, not only significantly improves market efficiency but also allows capital to flow freely with fewer conversion steps. - Explosive Growth: Since launching on Hyperliquid in 2023, USDC has experienced astonishing growth. The total amount of USDC in this ecosystem currently stands at approximately 5 billion USD (a 2x year-over-year increase). - Global Network Effect: Market participants will directly benefit from USDC's vast global on/off-ramp network (including Coinbase's own fiat channels), further consolidating a more cohesive global market. Coinbase stated that since Hyperliquid's launch, it has rapidly become the dominant force in on-chain trading networks. As a co-founding institution and primary issuing partner of USDC, Coinbase will continue to invest in supporting developers on HyperEVM. This integration is arguably the deepest on-chain stablecoin integration plan to date, and also marks an important milestone for USDC's dominance in the on-chain derivatives market.

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