Coinbase and Circle Join Forces with Hyperliquid for USDC

Circle And Coinbase Partner With Hyperliquid On USDC

USDC becomes the AQA (Aligned Quote Asset) for Hyperliquid as Circle and Coinbase announce partnerships to scale trading operations.

Ron Kotli

Published: May 15, 2026

1 Min Read

Disclosure: This is intended for informational purposes only and does not in any way constitute or solicit financial, professional, or legal advice. Readers should conduct their own due diligence at all times.

Coinbase and Circle partner with Hyperliquid.

The two large public U.S. companies have made separate announcements on partnering with perpetual trading platform Hyperliquid. Specifically, Hyperliquid’s USDH stablecoin originally issued by Native Markets will be gradually replaced by USDC stablecoin.

Today we’re expanding our support for @HyperliquidX by becoming the platform’s official treasury deployer of USDC.

Onchain markets operate 24/7 and require collateral that is always available, instantly transferable, and deeply liquid – USDC delivers exactly that.

Alongside… pic.twitter.com/ki7QmSJVdH
— Coinbase 🛡️ (@coinbase) May 14, 2026

USDC is becoming a core part of @HyperliquidX’s evolving market structure.

USDC will become an Aligned Quote Asset on Hyperliquid and continue as the primary collateral asset across HIP-1, HIP-2, HIP-3, and now HIP-4 markets.

As Hyperliquid expands into new onchain markets,… pic.twitter.com/GBKMEWXUn1
— Circle (@circle) May 14, 2026

As per the development, both Circle and Coinbase will attain meaningful roles within the ecosystem, while Hyperliquid itself is set to receive a recurring revenue share from USDC stablecoin transactions.

Last summer, there was a large competition between stablecoin issuers such as Paxos, Agora, Circle, Ethena and Frax to become the sole (white-label) issuer for Hyperliquid. Ultimately, a team more aligned with the platform won the final proposal and overall bid.

Since then, USDC became the dominant stablecoin for trading pairs.