Hyperliquid phases out USDH as Coinbase steps into a bigger role – Here’s how!

The network is simplifying its stablecoin structure.

Written by Samyukhtha L KM

Reviewed by Jibin Mathew George

Updated 02:30 EDT May 15, 2026

Hyperliquid phases out USDH as Coinbase steps into a bigger role - Here's how!

Coinbase and Hyperliquid [HYPE] are joining hands! The former is set to become Hyperliquid’s official USD Coin [USDC] treasury deployer.

The network will also phase out USDH to bring a consolidated stablecoin structure.

Coinbase becomes Hyperliquid’s official USDC deployer

Coinbase is now Hyperliquid’s official treasury deployer of USDC as an Aligned Quote Asset (AQA).

For traders and liquidity providers, the idea is to bring fewer stablecoin layers, fewer conversions, and smooth capital movement. On-chain markets run 24/7, so concentrated liquidity in USDC can help improve execution.

The integration also brings Hyperliquid users closer to USDC’s wider network of exchanges, venues, and fiat on/off ramps, including Coinbase. Native Markets helped introduce this network-integrated stablecoin model through Hyperliquid’s AQA framework.

USDH transition will bring a cleaner USDC-led structure

Coinbase is building on the base created by Native Markets and USDH, while Native Markets has agreed to terms that give Coinbase the right to purchase the USDH brand assets.

Importantly, USDH markets are not being switched off immediately. They will stay active and fully backed during the transition. Users will also get fee-less conversions from USDH to USDC, along with fiat redemption support.

In essence, the network is moving from a multi-stablecoin structure towards a simpler USDC-led model.

HYPE rebounds on the charts!

AMBCrypto previously reported that HYPE had weakened after losing its $39.74 support, with traders watching the $35-zone as a key level for bulls to defend.

At the time of writing, market reaction around HYPE had become stronger after the Coinbase-USDC announcement. On the 4h chart, HYPE recovered from the $38-$39 zone and moved back near $42.89 – Gains of 0.63%.

The RSI was at 63.25, well above its previous weak zone. There was massive buying interest at press time too. Especially since the MACD had also started improving, with the histogram turning positive after many sessions of negative numbers.