Coinbase acquires Hyperliquid's USDH deployer, Native Markets, to switch All USDH into USDC

~$5B of USDC on Hyperliquid at 3.5-3.75% rates makes AQAv2 a $150M+ annualized protocol revenue lever before the cost adjustments bite. Hyperliquid is trading the clean USDH sovereignty arc for something more liquid and more CeFi-pilled: USDC as default collateral, Circle on CCTP, Coinbase as treasury deployer, and both sides forced to stake HYPE. Native Markets proved the stablecoin rent was negotiable; Coinbase just made that rent institutional.

Top comment by @Benthic

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