Hyperliquid Abandons Native Stablecoin USDH! Behind the Embrace of USDC Lies the Biggest Bullish Catalyst for HYPE

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Author: Jae, PANews On May 14, major news broke that Hyperliquid’s native stablecoin USDH was being "absorbed" by Coinbase. Instead, Coinbase has become the official vault deployer for USDC on Hyperliquid, while Circle’s USDC has become Hyperliquid’s Aligned Quote Asset (AQA). On the same day, CBRS, the first Pre-IPO perpetual contract launched on Hyperliquid, became a major hotspot due to its pioneering efficient price discovery, leading to a surge in trading volume. Following multiple bullish news items, the HYPE token quickly broke through the $40 mark, rising over 20% within 24 hours and attracting many whales to build long positions. USDH officially gives way to USDC, Hyperliquid captures 90% of reserve yields As the undisputed leader in the Perp DEX track, Hyperliquid has long been a battleground for giants to integrate or adopt, thanks to its massive user traffic and trading scale. Hyperliquid’s decision to relinquish the initiative of its USDH business line and pivot behind Coinbase and USDC must stem from deep strategic considerations. Through this partnership with Coinbase and Circle, the Hyperliquid ecosystem not only gains access to mature deployment technology but also saves costs related to stablecoin issuance, compliance, and reserve management. In particular, USDH was originally launched as Hyperliquid’s native stablecoin, aimed at reducing reliance on external USDC, capturing reserve yields, and providing users with a superior on-chain trading experience. However, since its launch in September 2025, despite platform support, USDC has remained firmly dominant in the ecosystem, while USDH liquidity growth has been slow, failing to achieve scale. This directly led to liquidity fragmentation and a disjointed user experience. To address this, USDH issuer Native Markets chose to partner with Coinbase. Under the agreement, Coinbase will acquire the USDH brand assets, and USDH will gradually exit the stage. Users can convert to USDC with zero fees or redeem directly for fiat during the transition period. More importantly, there are financial considerations behind this alliance. Hyperliquid’s official AQA documentation stipulates that as the stablecoin deployer, 90% of the reserve yield must be returned directly to the protocol for HYPE token buybacks, ecosystem incentives, and more. As of May 15, the circulation of USDC on Hyperliquid exceeded $5 billion. Calculated at a 3.6% Federal Funds Rate, the protocol’s annualized revenue could reach $180 million, equivalent to a continuous net inflow of approximately $490,000 per day. Meanwhile, following its first purchase of HYPE tokens last September, Circle will again stake 500,000 HYPE, further binding the interests of both parties. Of course, for Circle, this partnership essentially involves sacrificing some marginal profit in exchange for greater network effects and a long-term moat. CBRS prices ahead on-chain, HIP-3 trading volume rises On the same day, Hyperliquid also received further attention due to the Pre-IPO perpetual contract for AI newcomer CBRS (chip company Cerebras Systems). The contract was launched on the platform by TradeXYZ, completing a round of price discovery before the company’s official IPO. Cerebras Systems’ issuance price was approximately $185, with the first-day trading high reaching nearly $386. Before trading went live, the perpetual contract price had already been pushed to the $270–$350 range on-chain, partially reflecting the post-listing premium in advance. This price performance made the contract a popular trading target on the platform and sparked more discussion regarding Hyperliquid’s competition for IPO pricing power. According to ASXN data, CBRS trading volume exceeded $280 million over the past 24 hours, ranking as the platform’s ninth-largest trading asset. In fact, as global macro conditions fluctuate violently, demand for on-chain perpetual contracts for RWAs such as oil, gold, and the S&P 500 index has surged. The HIP-3 market has successfully captured this trading frenzy. During the escalation of the Middle East conflict, the 24-hour trading volume for crude oil perpetual contracts on the platform once exceeded $1 billion. According to Artemis data, Hyperliquid HIP-3 open interest has surpassed $2.5 billion, continuing to hit new highs. Since the beginning of this year, Hyperliquid HIP-3 open interest has increased by over $2 billion. HypeStats data shows that RWA perpetual contracts continue to contribute about 30% of the platform’s open interest. On May 2, Hyperliquid also officially launched the HIP-4 (Outcome Trading) market, representing Hyperliquid’s pursuit of pioneers like Polymarket and Kalshi in the prediction market track. Unlike the isolated asset pools

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