Hyperliquid Designates USDC as Sole Aligned Quote Asset in Strategic Partnership with Coinbase and Circle

According to reports from BlockBeats and updates published by Hyperliquid, Coinbase, and Native Markets, the decentralized exchange Hyperliquid has officially designated USDC as its sole Aligned Quote Asset (AQA) under the new AQAv2 framework. Effective immediately, Coinbase serves as the treasury deployer, routing approximately 90% of USDC reserve yields to the protocol treasury, while Circle acts as the technical deployer providing CCTP infrastructure. Both entities have staked 500,000 HYPE as performance collateral. This transition marks the phased wind-down of the USDH stablecoin, which previously served as the aligned asset. The shift is projected to increase Hyperliquid’s annualized stablecoin revenue from $1.6 million to over $137 million, significantly boosting HYPE buyback capacity. Strategically, the move aligns the platform with U.S.-compliant giants as the Senate reviews the CLARITY Bill, following the hiring of former Circle executive Sterling_hl on Feb. 16.