Hyperliquid stablecoin plans now center on USDC▼$0.9993 after Coinbase agreed to share most reserve yield revenue with the protocol.
Hyperliquid, a decentralized exchange for trading perpetual futures and spot assets, is making USDC its main stablecoin for future markets after Coinbase and Circle agreed to take key roles in the rollout.
In an X announcement, Hyperliquid said Coinbase plans to activate AQAv2, its updated “Aligned Quote Asset” framework, on USDC as the treasury deployer. That means USDC will be used more deeply across Hyperliquid markets once again while Coinbase shares most of the reserve yield revenue with the protocol.
Circle, the issuer of USDC, will serve as the technical deployer for CCTP and native cross-chain infrastructure. Coinbase and Circle also committed to stake HYPE▼$57.77 to activate AQAv2. Hyperliquid said Coinbase will share the “vast majority” of USDC reserve yield revenue with the protocol, making USDC “the most aligned stablecoin on Hyperliquid.”
Read also: 21Shares Launches First Hyperliquid ETF: Trading Volume Hits $1.8M
USDH Starts Winding Down
This step also changes the future of USDH, a Hyperliquid-stablecoin that was initiated by Native Markets. In the USDH governance competition organized by Hyperliquid, in 2025, the organization came out winner with an innovative model which involved directing the stable coin yield towards the buyback and development of the HYPE network.
Now, Native Markets has seemingly agreed to terms giving Coinbase the right to buy the USDH brand assets. USDH markets will keep working for now, but Hyperliquid said they will sunset over time.
USDH remains backed one-to-one, with free conversions to USDC and redemption of its value in fiat currencies being allowed while it’s winding down. Hyperliquid has further indicated that the Hyper Foundation will give out grants to eligible developers of USDH.
Read more: Hyperliquid Launches Prediction Markets, Immediately Enters Top of the Segment
