PANews reported on May 14th that Coinbase announced plans to activate AQAv2 on Hyperliquid using USDC. Coinbase will act as the fund deployer , while Circle will be responsible for deploying CCTP and native cross-chain infrastructure technology. Both Coinbase and Circle have committed to staking HYPE to activate AQAv2.

As part of this adjustment, Native Markets has agreed to grant Coinbase the right to purchase USDH branded assets. Hyperliquid stated that USDC will be the "best fit" stablecoin on Hyperliquid, as Coinbase, acting as the fund deployer, shares most of the reserve yield revenue with the protocol. Following future network upgrades, the HIP-4 market will use USDC as the pricing asset.

In addition, the Hyper Foundation stated that it will provide migration subsidies to eligible HIP-1 and HIP-3 deployers and development teams integrating USDH. The USDH market is currently still operating normally but will be phased out gradually; during this period, users can still exchange USDC for fiat currency without transaction fees.