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Just eight months after winning the rights to issue USDH as the preferred stablecoin on Hyperliquid, Native Markets has sold itself to Coinbase.
What's the Scoop?
- New Era: Native Markets – the company which won rights to issue USDH as Hyperliquid's preferred stablecoin just eight months ago – is sunsetting its stablecoin and selling itself to Coinbase. According to a Native Markets X post,
Coinbase will become, " the official treasury deployer of USDC as an Aligned Quote Asset." USDH holders can to redeem for USDC during a migration period before the stablecoin is finally phased out. Under the new arrangement, 90% of reserve revenue generated by USDC on 
Hyperliquid — excluding "costs" — is expected to flow back into the ecosystem, a move projected to boost protocol revenues by roughly 22% to 26%. - Full Circle:
Circle separately announced that it "is becoming the technical deployer of USDC as an Aligned Quote Asset" and that USDC become as the primary collateral across all Hyperliquid markets. Additionally, Circle plans to stake 500k HYPE tokens as it moves toward validator status on the network. - Ample Criticism: While Hyperliquid stands to gain a revenue boost from the arrangement, critics argue the deal leaves core concerns around USDC’s “rugability” unresolved. Additionally, before Native Markets’ USDH was selected as Hyperliquid’s preferred stablecoin, multiple issuers were competing for the role on more favorable economic terms. It appears somewhat cloak-and-dagger that a formerly valueless company was able to leverage a favorable HYPE governance decision to sell itself to Coinbase through an opaque transaction just eight months later, a dynamic that carries the hallmarks of insider dealing which may have failed to uphold the best interests of platform users.
When Native Markets secured the right to deploy USDH eight months ago, we had a simple thesis: people care about stablecoins that deliver value to the networks and their users.
— Mary-Catherine Lader (@Mclader) May 14, 2026
Today, we see a validation of that thesis with Coinbase deploying native USDC as an AQA that shares… https://t.co/x2CmS7YWwo
