"With Coinbase, in its role as treasury deployer, sharing the vast majority of reserve yield revenue with the protocol, USDC will become the most aligned stablecoin on Hyperliquid. USDC has been Hyperliquid's dominant collateral since the platform launched in 2023. Supply on the network has grown to roughly $5 billion, about double what it was a year ago, making Hyperliquid one of the most concentrated environments for on-chain dollar usage in derivatives trading."
"The AQAv2 upgrade names USDC as the canonical quote asset for future markets under Hyperliquid's HIP-4 specification. Both Coinbase and Circle have committed to stake HYPE tokens to activate the framework. Coinbase has also increased its staked HYPE position beyond what the activation requires."
"As 24/7 onchain capital markets grow, concentrating liquidity with USDC, which is always available and instantly transferable, improves market efficiency and allows capital to flow freely with fewer conversions."
"Native Markets' USDH will sunset over coming months, with feeless USDC conversions available to users through the USDH Dashboard. Announced Thursday, the arrangement places Coinbase at the center of USDC's reserve management on Hyperliquid, with Circle handling the technical side through its Cross-Chain Transfer Protocol."
Coinbase takes the treasury deployer role for USDC on Hyperliquid, where USDC supply has grown to about $5 billion, roughly double year over year. The AQAv2 framework reduces fragmentation between USDC and USDH and redirects reserve yield revenue back to the Hyperliquid protocol for HYPE holders. Native Markets’ USDH is set to sunset over the coming months, while users can convert to USDC through the USDH Dashboard with feeless conversions. Coinbase is positioned at the center of USDC reserve management on Hyperliquid, with Circle handling technical operations via its Cross-Chain Transfer Protocol. Coinbase also gains the right to purchase USDH brand assets. AQAv2 designates USDC as the canonical quote asset for future Hyperliquid markets under HIP-4, and both Coinbase and Circle commit to staking HYPE tokens to activate the framework.
Read at news.bitcoin.com
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