How Hyperliquid Benefits From Its New Deal With Coinbase Over USDC

In this episode of Unchained, host Laura Shin discusses the recent strategic deal between Coinbase and Hyperliquid, where Coinbase acquires the brand assets of Hyperliquid's native stablecoin USDH and becomes the official treasury deployer of USDC on the platform. The move, which sees 90% of USDC yield on Hyperliquid redirected to the exchange, is projected to boost Hyperliquid's annual revenue by 25%, contributing to a 9% spike in its token price. Alex Wesley, Institutional Data Lead at Artemis Analytics, explains that the deal underscores the growing importance of distribution and yield alignment in the stablecoin economy. He highlights how Coinbase benefits from expanding USDC’s reach into decentralized, no-KYC platforms like Hyperliquid, even as they remain competitors in other areas. The conversation then shifts to Coinbase’s broader vision, including its potential to become a $300 billion company by 2031 through agentic commerce and its dominant position in the X402 payments protocol. The episode also explores the evolving relationship between Coinbase and Circle, with growing competition in infrastructure and stablecoin offerings, and touches on regulatory developments like the Clarity Act and its implications for stablecoin yield. Finally, Hyperliquid’s resilience amid competitive pressures and its success in RWA, equity, and prediction markets are examined as signs of its long-term viability in the offshore DeFi space.