Coinbase is now the official operator of Hyperliquid’s USDC treasury wallet, managing and deploying stablecoin reserves on the fast-growing decentralized trading platform. This change was made using Hyperliquid’s AQAv2 framework.
With this new setup, Coinbase will decide how USDC is used across the ecosystem, and much of the earnings from these reserves should go back to the Hyperliquid platform. This structure is expected to boost annual protocol revenue by a large amount.
Hyperliquid spends much of its revenue on HYPE token buybacks through its Assistance Fund. As revenue grows, buybacks increase, which could lower the number of tokens in circulation and help support the token’s value over time.
This partnership also makes USDC the main stablecoin for trading, deposits, and collateral on Hyperliquid’s markets. Circle’s Cross-Chain Transfer Protocol lets users move USDC easily between different networks.
HYPE has been one of the better-performing major crypto assets lately. Even though the token has dropped from recent highs, it is still much higher than a month ago and continues to see a lot of trading.
This move increases Coinbase’s role in decentralized trading and strengthens USDC’s place as a key settlement asset in the ecosystem.
Coinbase is now the official deployer of @HyperliquidX‘s USDC treasury wallet.
We will be activating AQAv2 from the two addresses below:
0x4E5319dEb1072B01439EE674db5C321d11fd96F8
0xc20699185c15D0a2fD65779BB5d69f5b0B113c00 https://t.co/rXvkrtQ4ai
— Coinbase 🛡️ (@coinbase) June 8, 2026
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