Coinbase and Circle’s commitment to Hyperliquid’s AQAv2 upgrade sent HYPE up to roughly $45 on May 14, a deal that makes USDC the platform’s aligned quote asset and directs the vast majority of reserve-yield revenue back to the protocol.
The rally reflected traders reading the announcement as institutional validation of the protocol-aligned stablecoin model pioneered by Native Markets’ USDH on Hyperliquid.
Under AQAv2, Coinbase becomes the official USDC treasury deployer on Hyperliquid. Circle handles the technical deployment and cross-chain infrastructure, including CCTP, the protocol that enables USDC to move natively between chains via a burn-and-mint mechanism.
Native Markets separately granted Coinbase the right to purchase USDH brand assets, while Native Markets stays independent as an organization.
USDH stays fully backed through the transition, with markets sunsetting over time and feeless conversion and fiat redemption paths available to users.
Stablecoin role
Before AQAv2
We współpracy z: https://cryptoslate.com/hype-jumps-as-coinbase-and-circle-back-hyperliquids-stablecoin-model/
