# Coinbase Becomes USDC Treasury Deployer For Hyperliquid

*Coinbase takes over as the official treasury deployer of USDC on Hyperliquid, with Circle handling cross-chain transfers via CCTP and USDC replacing USDH as the quote asset.*

By [ETH Daily](https://ethdaily.io) · 2026-05-15

coinbase, hyperliquid, usdc, usdh, circle, cctp, native-markets, stablecoins, hype

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Coinbase is becoming the official treasury deployer of USDC on Hyperliquid, managing USDC reserves and sharing yield with the Hyperliquid ecosystem. [Circle](https://ethdaily.io/663) 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](https://ethdaily.io/circle-usdc-rate-hike-aave).

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*Originally published on [ETH Daily](https://ethdaily.io/coinbase-becomes-usdc-treasury-deployer-for-hyperliquid)*