COIN
USDC just got promoted
Coinbase said it’s expanding support for USDC on Hyperliquid and taking on the role of official treasury deployer for the stablecoin as an “Aligned Quote Asset” on the decentralized exchange. Translation: Coinbase is trying to make USDC the cash register of a faster-moving crypto casino.
Why this matters
The pitch here is simple. If more trading happens around USDC, fewer users need to bounce between stablecoins like they’re changing lanes on a crowded highway. Coinbase says that concentrates liquidity, improves market efficiency, and helps capital move faster across venues.
For Coinbase, that’s a pretty neat combo:
- more USDC utility
- more relevance in onchain markets
- more proof that stablecoins are becoming infrastructure, not just parking spots for traders waiting for the next leg up
The Hyperliquid angle
Hyperliquid has become one of the hottest names in decentralized perpetuals, riding the wave of nonstop leverage trading and 24/7 price discovery. Coinbase’s announcement suggests it wants USDC sitting right in the middle of that action, not off to the side like an optional app update nobody reads.
It also said Coinbase will have the rights to acquire USDH brand assets, while USDH stays fully backed during the transition and users can still redeem into USDC or fiat without fees.
Big picture
This is less about a flashy product launch and more about Coinbase quietly tightening its grip on crypto market plumbing. If onchain trading keeps accelerating, the companies controlling the rails — and the stablecoins sitting on them — get more important by the day.