Coinbase Makes Major Announcement Regarding Hyperliquid (HYPE) and USDC

Coinbase, the largest cryptocurrency exchange in the United States, has become the official issuer of $USDC treasury assets on the Hyperliquid platform and has acquired assets associated with the $USDH brand.

At the same time, Hyperliquid is discontinuing support for its native stablecoin $USDH and appointing Coinbase as the official distributor of $USDC treasury reserves.

As part of the transition process, Native Markets, the operator of Hyperliquid’s $USDH stablecoin, agreed to grant Coinbase the right to acquire assets related to the $USDH brand.

The company stated:

“Today we are excited to announce the expansion of Coinbase’s support for $USDC on Hyperliquid, making $USDC the official treasury settlement asset with an aligned quote asset (AQA) policy.”

As part of this transition, Native Markets agreed to terms granting Coinbase the right to acquire $USDH tokens. $USDH trading venues remain fully operational for now but will gradually be phased out.

According to the announcement, users will continue to be able to convert $USDH into $USDC or fiat currency free of charge through the $USDH dashboard on Native Markets over the coming months.

Brian Armstrong, CEO of Coinbase, also commented on the development:

“$USDC is becoming the standard across crypto markets. Coinbase is bringing $USDC to HyperliquidX to help grow the ecosystem and scale the movement of capital.”

See also: "Large Investors Rush to Withdraw Their Altcoin Assets From Exchanges"

#Coinbase #Hyperliquid (HYPE) #USDC

Share: