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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.
USDC gains more share of onchain ecosystems like Hyperliquid (Julien Tomeur / Pexels)
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.
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.
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