PANews reported on May 14th that Coinbase announced it will become the official vault deployer of USDC on Hyperliquid and will advance USDC integration as a deployer under the Aligned Quote Asset (AQA) framework. According to the announcement, Native Markets has agreed to grant Coinbase the right to acquire the USDH brand assets. In the coming months, users will still be able to exchange USDH for USDC or fiat currency through the USDH Dashboard with zero transaction fees.

The announcement shows that USDC currently has a scale of approximately $5 billion on Hyperliquid, representing a year-on-year increase of about 2 times. Coinbase stated that this move aims to further promote the integration of on-chain capital markets with USDC liquidity.