Coinbase is becoming the official treasury deployer of USDC on Hyperliquid, managing USDC reserves and sharing yield with the Hyperliquid ecosystem. Circle will handle the technical side, using CCTP to facilitate cross-chain transfers of USDC. USDC will effectively replace USDH as the de facto settlement currency and official quote asset on Hyperliquid, where USDC balances already sit at roughly $5 billion.

USDH markets will remain functional but sunset over time, with feeless conversions to USDC and fiat redemptions available during the wind-down. Native Markets has agreed to terms granting Coinbase the right to purchase the USDH brand assets. Coinbase has also increased its staked HYPE position as part of the transition, deepening its alignment with the Hyperliquid network as USDC consolidates its role across onchain capital markets.

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Senate Banking Committee Chairman Tim Scott released the latest draft of the Digital Asset Market Clarity Act ahead of a markup scheduled for Thursday, May 14. The White House is targeting July 4 for House passage, with four working Senate weeks in June reserved for Senate floor consideration. The nine-title bill draws a firm line between the SEC and CFTC by distinguishing between digital commodities and ancillary assets.

Ancillary assets are coined as network tokens whose value depends on entrepreneurial or managerial efforts. A new exemption called Regulation Crypto would allow ancillary asset issuers to raise capital from retail investors without full securities registration, capped at $50 million per year over four years or 10% of outstanding asset value, with a hard ceiling of $200 million.

On DeFi, the bill defines a protocol as decentralized only if no single person has the practical ability to control, alter, or censor its operations. The bill's most contested provision, Section 404, prohibits covered digital asset service providers from paying passive, deposit-like interest on payment stablecoin balances. The exact contours of permissible yield programs will be left to joint rulemaking by the SEC, CFTC, and Treasury.

Disclaimer: Content is for informational and educational purposes only and does not constitute financial, investment, legal, or other professional advice. No representations or warranties are made as to accuracy, completeness, or timeliness. Use of this content is at your own risk, and you should consult a qualified professional before making decisions. No fiduciary or advisory relationship is created

Incentives are now live for USDm on the Aave V3 MegaETH market. The market supports both USDm and Ethena's USDe stablecoin, with USDe already seeing over $100 million in deposits. Users can supply USDe as collateral to borrow USDm, earning a promotional rate of about 3% APY.

Over 342 million USDm has been deposited into the market so far. Aave is also planning to increase USDe deposit caps to a target of $500 million on the market. MegaETH is a high-performance Ethereum-compatible chain launched in February 2026.

EarnUSD is a stablecoin vault by Lido for earning transparent, onchain USD-denominated rewards. Get started today at stake.lido.fi/earn

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