Native Markets set out to provide Hyperliquid with a stablecoin that put users first, rather than treating them as an afterthought. We built this with the implementation of our Aligned Quote Asset (AQA), creating synergy between the growth of USDH and Hyperliquid.
Today, Coinbase announced its plan to expand support of Hyperliquid by becoming the official treasury deployer of USDC as an Aligned Quote Asset. Under AQAv2, treasury deployers will share the vast majority of the reserve yield revenue on their Hyperliquid supply with the protocol. As part of this transition, Native Markets has agreed to terms granting Coinbase the right to purchase the USDH brand assets. Coinbase will now carry on the AQA torch while continuing to deliver value to the Assistance Fund and empowering Hyperliquid with one of the strongest voices for crypto in the United States.
Native Markets remains independent and is focused on its next chapter.
We’re proud to have brought incumbents to the table with USDH, shifting economics not just for Hyperliquid, but for all stablecoin ecosystems. With today’s news, we now see an even broader shift. We look forward to the growth this next phase will unlock for Hyperliquid.
USDH remains fully backed and maintained, with feeless conversions into USDC and fiat for onboarded customers available on dashboard.usdh.com. USDH markets are fully functional but will sunset over time. We will coordinate with HIP-3 and HIP-1 deployers to ensure that their migrations to USDC order books are complete before doing so.
Native Markets will continue to support the USDH.com dashboard as well as ample secondary liquidity in the USDH / USDC spot order book for the duration of the migration period. Moreover, USDH will be redeemable via its issuer, Bridge, and collateral reserve attestations will continue to be published.
Thank you to all of the Hyperliquid builders who chose to build with USDH out of their commitment to the ecosystem. We are working closely with Hyperliquid Labs and the Hyper Foundation to ensure a smooth migration from USDH to USDC for all users and builders. Please feel free to reach out to us at support@nativemarkets.com or our existing communications channels if you have any further questions.
