Hyperliquid Token Surges 15% After Coinbase USDC Partnership

Hyperliquid’s native token HYPE rose more than 15% to $45 following a major institutional partnership involving Coinbase. Under the agreement, Coinbase will serve as the official USDC treasury deployer on the network, taking a central role in managing stablecoin liquidity through Hyperliquid’s AQA framework.

The AQA system is designed to integrate USDC liquidity directly into the exchange’s trading infrastructure and route reserve yield back to the protocol, strengthening its underlying financial flow.

As part of the broader transition, Native Markets—the developer behind Hyperliquid’s USDH stablecoin—has agreed to grant Coinbase rights to acquire USDH brand assets. USDH will remain redeemable throughout a migration period before being gradually phased out.

At the same time, Circle announced an expanded role within the ecosystem, positioning USDC as the primary settlement asset across Hyperliquid markets, including HIP-4 outcome-based products.

Circle will also take on technical responsibilities for USDC issuance, redemption, and cross-chain transfers, while planning to stake 500,000 HYPE tokens as it moves toward becoming a network validator.

Source: Coinbase