- Coinbase said it was selected as the official Circle treasury manager for global DEX Hyperliquid and will oversee USDC liquidity.
- It said Hyperliquid’s AQA framework directly connects stablecoin liquidity to trading infrastructure and shares part of the reserve yield with the protocol.
- Coinbase said the partnership will allow investors to move between cryptocurrencies and fiat-backed stablecoins without leaving blockchain-based platforms.
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Coinbase Global Inc. will manage Circle’s USDC liquidity for Hyperliquid, a global decentralized exchange.
CoinDesk reported on May 14 that Coinbase had been selected as Hyperliquid’s official Circle treasury manager.
Under the arrangement, Coinbase will manage USDC liquidity through Hyperliquid’s AQA, or Aligned Quote Asset, framework. The system connects stablecoin liquidity directly to Hyperliquid’s trading infrastructure and shares part of the reserve yield with the protocol.
Native Markets, the developer of Hyperliquid-based stablecoin USDH, will also grant Coinbase the right to acquire USDH brand assets. USDH can be redeemed for USDC or fiat currency during the migration period. The service will then be phased out.
The partnership fits with Coinbase’s broader expansion strategy. The company is extending its business beyond its centralized exchange into the wider on-chain trading infrastructure market.
Coinbase said the partnership will allow investors to move between cryptocurrencies and fiat-backed stablecoins without leaving blockchain-based platforms. The company added that the arrangement would help create a more integrated global market for on-chain capital markets.
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