Crypto exchange Coinbase (COIN) made a major move for the Hyperliquid (HYPE) ecosystem on Thursday, outlining how it plans to deepen support for Circle’s USDC stablecoin on the platform.
Coinbase Gains Rights To USDHBoth Coinbase and Circle also indicated that they will stake HYPE tokens as part of the process to turn on AQAv2. Beyond that, the transition includes an agreement involving Native Markets, which has agreed to grant Coinbase terms that give it the right to purchase the USDH brand assets.
In practical terms, Coinbase framed the change as a way to make USDC the most aligned stablecoin on Hyperliquid. It also said that, as part of a future network upgrade, canonical outcome (HIP-4) markets will use USDC as the quote asset.
In addition, Coinbase explained that the Hyper Foundation will distribute grants to eligible HIP-3 deployers, HIP-1 deployers, and builders who integrated USDH.
Hyperliquid Jumps To $44Coinbase also noted that it has invested in supporting builders on HyperEVM by backing stablecoin liquidity, and it framed its latest step as an extension of that strategy. Coinbase said it is “excited to further our support of the ecosystem and see USDC’s continued growth on Hyperliquid.”
At the time of writing, HYPE traded at $44.50, reflecting a 14% gain over the past 24 hours. The move also placed Hyperliquid about 24% below all-time highs of $59, a level it reached during last year’s bull run.
Featured image created with OpenArt, chart from TradingView.com
