Coinbase, the largest cryptocurrency exchange in the US, has become the official treasury issuer of USDC on Hyperliquid and has purchased USDH branded assets.
However, Hyperliquid (HYPE) is discontinuing its native USDH stablecoin and appointing Coinbase as the official USDC treasury distributor.
As part of the transition process, Native Markets, the operator of Hyperliquid’s stablecoin USDH, agreed to grant Coinbase the right to purchase USDH-branded assets.
“Today, we are excited to announce that Coinbase has expanded its support for USDC on Hyperliquid, making USDC the official treasury dispenser as an Aligned Pricing Asset (AQA).”
As part of this transition, Native Markets has agreed to terms granting Coinbase the right to purchase USDH token assets. USDH markets are fully functional but will be phased out over time.
According to the announcement, users will continue to be able to convert USDH to USDC or fiat currency free of charge through Native Markets’ USDH Dashboard in the coming months.
Coinbase CEO Brian Armstrong also commented on the development. Armstrong said, “USDC is becoming the standard in crypto markets. Coinbase is making USDC available on HyperliquidX to help grow the ecosystem and scale the way capital moves.”
*This is not investment advice.
Continue Reading: JUST IN: Coinbase Makes a Big Announcement Regarding Hyperliquid (HYPE) and USDC! Here Are the Details
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Author: NixCoin