Coinbase and Circle Partner to Deploy USDC on Hyperliquid via AQAv2
Coinbase and Circle Partner to Deploy USDC on Hyperliquid via AQAv2
馃 Coinbase Takes Over
Coinbase will activate AQAv2 on USDC as treasury deployer on Hyperliquid, with Circle handling technical deployment including CCTP and cross-chain infrastructure. Both companies will stake HYPE tokens to enable the system.
Key Changes:
- USDC becomes the primary stablecoin on Hyperliquid, replacing USDH
- Coinbase will share majority of reserve yield revenue with the protocol
- HIP-4 markets will use USDC as quote asset in future upgrade
- Coinbase acquires USDH brand assets from Native Markets
Transition Details:
- USDH markets remain functional but will phase out gradually
- Feeless conversions from USDH to USDC and fiat available
- Hyper Foundation grants support builders through migration
- Markets by Kinetiq ensures seamless transition for traders
The move addresses community feedback about fragmentation between stablecoins, eliminating the choice between liquidity and protocol alignment. Native Markets' pioneering work on USDH enabled AQAv2's development.
Coinbase has announced its plan to activate AQAv2 on USDC as the treasury deployer, with Circle serving as the technical deployer responsible for CCTP and native cross-chain infrastructure. Both Coinbase and Circle have committed to stake HYPE to activate AQAv2. As part of this
Hyperliquid RWA Open Interest Hits $3.6B All-Time High
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Hyperliquid RWA Open Interest Hits $3B Milestone
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RWA Trading on Hyperliquid Hits $2.6B Open Interest
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