---
title: "Coinbase backs Hyperliquid stablecoin push as DeFi trading volumes climb"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286416789.md"
description: "Coinbase has partnered with Hyperliquid to become the official treasury deployer of USDC, enhancing its role in managing stablecoin liquidity on a rapidly growing trading network. This deal allows Coinbase to purchase assets linked to Hyperliquid's USDH stablecoin, which will be redeemable for USDC or fiat during a transition period. This partnership aims to expand USDC's presence beyond Ethereum and centralized exchanges, integrating it into onchain trading infrastructure as Hyperliquid's USDC supply approaches $5 billion."
datetime: "2026-05-14T12:30:14.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286416789.md)
  - [en](https://longbridge.com/en/news/286416789.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286416789.md)
---

# Coinbase backs Hyperliquid stablecoin push as DeFi trading volumes climb

-   Coinbase will become the official treasury deployer of USDC on Hyperliquid, giving it a central role in managing stablecoin liquidity on one of crypto’s fastest-growing trading networks.
-   As part of the deal, Coinbase secured rights to purchase assets tied to Hyperliquid-native stablecoin USDH, which will remain redeemable for USDC or fiat during a migration period before being phased out.
-   The partnership underscores Coinbase’s strategy to expand USDC beyond Ethereum and centralized exchanges, integrating the stablecoin more deeply into onchain trading infrastructure as Hyperliquid’s USDC supply nears $5 billion.

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