Hyperliquid shifts to USDC under a treasury-sharing model, ending USDH as its primary stablecoin and transferring assets to Coinbase.
Coinbase will take over USDH assets as Hyperliquid transitions its stablecoin infrastructure to USDC, marking a major shift in its decentralized perpetuals trading network. The move follows Native Markets’ confirmation that Coinbase will become the official USDC treasury deployer under Hyperliquid’s upgraded AQAv2 framework.
Hyperliquid previously relied on bridged USDC liquidity but launched USDH in 2025 to redirect reserve yield back into its ecosystem. USDH, backed by U.S. Treasuries and cash equivalents, introduced a model to fund trading incentives and HYPE buybacks. Critics argued earlier USDC reserves benefited external entities like Circle and Coinbase.
The transition positions USDC as the dominant stablecoin on Hyperliquid, potentially reshaping reserve revenue distribution across the platform. The change is one of the largest stablecoin ecosystem shifts of 2026.