USDC Scores Another Major On-Chain Market Victory as Coinbase and Circle Partner to Stake in Hyperliquid

BlockBeats News, May 14th, today Coinbase announced its official treasury deployment on USDC on the Hyperliquid platform, while Native Markets, the native stablecoin deployment party of Hyperliquid, agreed to sell the USDH branded assets and exit. At the same time, USDC issuer Circle announced a further deepening of collaboration with Hyperliquid, becoming the technical deployment party of USDC on Hyperliquid and positioning USDC as an Aligned Quote Asset. Circle also announced that following the initial purchase of HYPE tokens in September 2025, they have once again staked 500,000 HYPE tokens, further aligning interests and moving towards becoming a validator.

Coinbase and Circle have always been in the interest of the community, and this joint move to seize the stablecoin ecosystem position on Hyperliquid is also a collaborative effort. As early as 2018, Circle and Coinbase jointly founded the Centre Consortium to issue USDC. After the alliance dissolved in 2023, Circle became the sole issuer of USDC, with Coinbase holding over $1.6 billion worth of Circle equity. All USDC reserve interest on the Coinbase platform goes to the platform, while interest on USDC off the platform is split evenly, giving Coinbase hundreds of millions of dollars in high-margin annual income from USDC.

Following this dual announcement of cooperation with Hyperliquid, USDC's "de facto standard" status on-chain high-activity DeFi platforms has further solidified, and the Hyperliquid ecosystem has also been relieved of stablecoin issuance, compliance, and reserve management costs. It is worth noting that in Hyperliquid's official Aligned Quote Asset document, it is stipulated that as the stablecoin deployment party, over 50% of the reserve income must flow directly back to the protocol for HYPE repurchases, ecological incentives, etc., further binding the interests of the parties. According to HTX market information, influenced by this, the HYPE token saw a short-term spike back above $40.