Coinbase backs Hyperliquid stablecoin push as DeFi trading volumes climb
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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.
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