Coinbase to Manage Hyperliquid USDC Liquidity

Coinbase is set to become the official treasury deployer for USDC on the Hyperliquid trading network, a move that deepens its integration with the rapidly growing platform. This partnership will see Coinbase manage USDC liquidity through Hyperliquid's Aligned Quote Asset framework, directly embedding stablecoin liquidity into the trading infrastructure. As part of the agreement, Coinbase will acquire assets related to Hyperliquid's native stablecoin, USDH, which will be phased out and remain redeemable for USDC or fiat during a transition period. This strategic move expands USDC's reach beyond Ethereum and centralized exchanges, aligning with Coinbase's strategy to bolster on-chain trading.