Coincoin Becomes Official USDC Deployer on Hyperliquid, $32M HYPE Staked

Coinbase has become the official deployer of USDC on the perpetual decentralized exchange Hyperliquid, activating its AQAv2 framework from two wallet addresses to route the majority of yield earned on Hyperliquid's USDC reserves back to the DEX ecosystem. The exchange announced the development in an X post, disclosing that the setup applies to Hyperliquid's USDC treasury wallet.

Under the AQAv2 framework, Coinbase routes most of the yield generated on Hyperliquid's USDC reserves back to the protocol. The company has stated that the arrangement could increase Hyperliquid's revenue by up to $200 million, with the perp DEX expected to allocate the bulk of that revenue to HYPE token buybacks and burns.

On-chain data from HypurrScan shows the first wallet, address 0x4E5…..d96F8, already holds just over $32 million in staked HYPE tokens, while a second wallet at 0xc20…..13c00 has not yet executed any transactions. The rollout comes less than a month after Coinbase first disclosed plans to assume the deployer role and increase its staked HYPE position.

USDC serves as the collateral token for HIP-3, a Hyperliquid improvement proposal tied to the platform's perpetuals infrastructure. The HYPE token rose more than 10% on the day of the announcement, reaching $64 and rebounding from recent lows recorded after the Bitcoin crash.