Hyperliquid has appointed Coinbase as its official USDC treasury deployer, marking a significant shift as the network phases out USDH, the stablecoin developed by Native Markets. This transition allows USDH users to redeem their tokens for USDC or fiat without fees via Native Markets' dashboard. The move strengthens USDC's role as the primary stablecoin on Hyperliquid, enhancing its position in onchain derivatives markets. Coinbase's involvement under the Aligned Quote Asset framework integrates stablecoin liquidity directly with Hyperliquid's trading infrastructure, supporting reserve yield sharing. This partnership underscores USDC's expanding influence in DeFi trading ecosystems, with its supply on Hyperliquid doubling to approximately $5 billion. The collaboration highlights the growing integration of stablecoins into trading, collateral management, and settlement flows across decentralized finance platforms.