Coinbase expands USDC reach through Hyperliquid treasury partnership

The agreement also includes Native Markets granting Coinbase purchasing rights for USDH-branded assets.

Coinbase has become the official USDC treasury deployer on Hyperliquid, strengthening the crypto exchange’s push to expand the stablecoin’s presence deeper into decentralized finance infrastructure. According to a report from ChainCatcher, USDC will now function as an aligned quote asset across the Hyperliquid ecosystem under the new arrangement.

Coinbase adds another layer to the partnership as competition intensifies among stablecoin issuers seeking dominance in decentralized trading ecosystems. Hyperliquid’s circulating USDC supply has reached approximately $5 billion, representing a twofold increase from the same period last year.

The move signals Coinbase’s broader strategy to extend USDC beyond traditional layer-1 and layer-2 blockchain deployments and position the stablecoin more aggressively within DeFi-native trading venues. Hyperliquid has rapidly emerged as one of the largest decentralized perpetual futures exchanges, attracting significant liquidity and trading activity amid growing institutional interest in on-chain derivatives markets.

Coinbase deepens stablecoin expansion

The treasury deployment partnership comes as Coinbase continues expanding its stablecoin infrastructure business alongside Circle, the issuer of USDC. In a previous crypto.news story, Coinbase unveiled a Bitcoin yield fund targeting institutional investors outside the United States as part of its broader push into alternative crypto financial products.

Hyperliquid’s rising USDC liquidity also reflects the increasing role stablecoins play in decentralized exchanges and derivatives protocols. According to another crypto.news story, stablecoin market capitalization recently climbed to record highs as DeFi activity accelerated across multiple trading ecosystems.

The partnership arrives during a period of heightened competition among stablecoin issuers and trading venues. Earlier this year, crypto.news reported in another story that Coinbase was ramping up its derivatives-related offerings as on-chain trading volumes surged.

By integrating more closely with Hyperliquid, Coinbase appears to be positioning USDC as a core liquidity layer for decentralized trading activity, particularly in the fast-growing perpetuals market where capital efficiency and stable settlement assets remain critical.