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Coinbase Now Official USDC Deployer On Hyperliquid: this strategic move is expected to boost $HYPE revenue Coinbase announced it is becoming the official treasury deployer of USDC on Hyperliquid as an Aligned Quote Asset (AQA).d6651b This builds on the foundations of Native Markets’ USDH (Hyperliquid’s previous native stablecoin), which is being phased out/sunsetting. Coinbase acquires the USDH brand assets (not the full company) as part of the transition. USDC supply on Hyperliquid had already grown rapidly to ~$5B (nearing or exceeding that by recent reports), making it the dominant stablecoin.b52839 What Coinbase Does in This Role Manages USDC liquidity across Hyperliquid’s spot, perpetual futures, and HIP-4 outcome-based markets. Acts as the primary deployer under the AQAv2 framework, ensuring USDC functions seamlessly as collateral and quote asset. Circle continues to handle minting, redemptions, and cross-chain infrastructure. Coinbase and partners staked significant HYPE as slashable collateral to back the commitment.cc821f Revenue & Economic Impact Hyperliquid captures a large share (up to ~90%) of the reserve yield income generated from USDC deposits on the platform — revenue that previously went mostly to stablecoin issuers. Analysts estimate this could generate ~$160M+ annually for Hyperliquid’s ecosystem (or ~$430K daily in some projections), fueling HYPE token buybacks and platform incentives.ceaf80 This shifts value toward the Hyperliquid protocol and HYPE holders while deepening USDC’s integration.