Coinbase, the largest cryptocurrency exchange in the United States, announced on May 14, 2026, Officially integrates with Hyperliquid to make USDC stablecoin the primary linked trading asset (AQA, English acronym).
This scale represents: Structural changes in Hyperliquid’s operationsnetwork of trading By concentrating capital flows in globally liquid and regulated assets, we are the most prominent on-chain in the market.
According to a statement from Coinbase, this transition means: The company will take over the role of official financial provider at Hyperliquid, replacing the previous native asset, USDH.. This other stablecoin will be gradually deactivated in accordance with the Brand Asset Acquisition Agreement between Coinbase and Native Markets.
At the time of this announcement, USDC In addition to acting as a common stablecoin within the network, Established as a foundational layer of liquiditypricing of collateral and trading pairs.
According to data reported by Coinbase, USDC already has a large presence on Hyperliquid, with total supply reaching around $5 billion. This represents 100% year-over-year growth.
According to a statement, Coinbase aims to eliminate friction in the flow of capital by becoming an implementer of the AQA framework. In an environment that operates 24 hours a day, USDC enables instant transfers and reduces the need for multiple asset conversions.. Therefore, it is expected to improve the efficiency of institutional investors and retail traders.
In this regard, Jeremy Allaire, CEO of Circle (publisher of USDC), points out that, in his opinion, an open and programmable digital dollar is what will drive the future of global finance, making Hyperliquid an important testing ground for this thesis.
This change is not merely nominal.
To date, Hyperliquid Network has used USDH as its unified listed asset.. The token was developed by Native Markets based on AQA’s unique concept and designed to create direct synergies between stablecoin growth and exchange protocols.
Native Markets’ strategy has been to provide a stablecoin that prioritizes the needs of the Hyperliquid ecosystem. However, with the rapid growth of networks and the need for deeper integration with global capital markets, the infrastructure has also evolved.
change Introducing technical improvements called AQAv2. Under this new framework, the financial provider, in this case Coinbase, They will share the majority of the revenue generated by the performance of the USDC Reserve with the Hyperliquid protocol. This revenue stream is intended to strengthen Hyperliquid’s support fund.
In this way, Hyperliquid aims not only to acquire a more liquid and globally recognized asset, but also to ensure a sustainable revenue model that directly benefits the development of the protocol.
What will the transfer of assets look like?
For current users who own USDH, Established migration process that is described as “problem-free”. Native Markets and Coinbase have confirmed that USDH will always remain fully supported. Users can redeem their tokens for USDC through the official dashboard on USDH.com.
The USDH market will continue to function for a certain period of time, but will be closed in stages. Completion of these markets will be coordinated with implementers of HIP-3 and HIP-1 improvement proposals to ensure that the migration of order books to USDC is completed without impacting user operations.
The native market will continue to facilitate secondary liquidity for the USDH/USDC trading pair throughout the transition period. Additionally, collateral reserve certificates will continue to be issued periodically to ensure transparency until the last USDH token is removed from circulation.
Along with this movement, Hyperliquid moves away from dependence on niche solutions and fully integrates into the Coinbase ecosystem.
HYPE price increases
As a result of this novelty, Hyper Liquid (HYPE) pricethe native governance token of the platform of the same name; There was a rise.
The graph above shows that HYPE has risen 6.5% in the past few hours and sits at $41.62 at the time of writing. This momentum is also fueled by other developments, including the recent launch of the first HYPE ETF in the US market, as reported by CriptoNoticias.
Not everything is optimistic
However, it is worth mentioning that this decision was not without controversy and debate. On social network X, trader Akira Noma sarcastically wrote:
Hyperliquid spent a year explaining why USDH is better than USDC. USDC is now the official listed asset and USDH is disappearing. The optimistic interpretation is that “the dominant operator has come to the table.” An honest interpretation is that the dominant trader simply bought the table. It’s a great time for decentralization.
Trader Akira Noma.
Another X user with the handle @Smallro_man commented, “The governance proposal to create a native stablecoin for Hyperliquid was a huge failure and they ended up using USDH. Now everything is bought up by centralized companies that aren’t even in this race. “This is not that serious.”
Frank Chaparro, Director of GSR, also stated that in his opinion, “Hyperliquid is slowly eating away at the centralized exchange market.”
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