USDC Becomes Hyperliquid's Preferred Stablecoin, USDH to be Sold to Coinbase and Gradually Phased Out

BlockBeats News, May 14th, Coinbase announced its official treasury deployment on the Hyperliquid platform for USDC, making USDC the preferred stablecoin for the Hyperliquid on-chain capital market. As part of this collaboration, Native Markets has agreed to sell the USDH branded asset to Coinbase. In the coming months, users will still be able to freely convert USDH to USDC or fiat currency through Native Markets' USDH Dashboard, and the USDH market will gradually phase out.

Coinbase stated that USDC on Hyperliquid has grown rapidly since its launch in 2023, with a current total size of around $5 billion (a doubling year-on-year). This integration is one of the most in-depth stablecoin integrations on-chain for USDC, aiming to enhance liquidity efficiency, reduce exchange friction, and further harmonize the market through Coinbase's global network.