Hyperliquid Names USDC Official Stablecoin on Its Platform

Hyperliquid designated USDC as its official aligned quote asset last Thursday. Coinbase will serve as treasury deployer for most USDC on the network, while Circle will manage minting, redemptions, and cross-chain infrastructure. The arrangement gives Hyperliquid most of the reserve income generated by USDC deposits on the platform.

The exact revenue share percentage was not disclosed, but reports indicate Hyperliquid could receive as much as 90 percent of that income.

Point analysts estimated the deal could move between $135 million and $160 million in annual revenue to Hyperliquid from USDC yield sharing. The same analysts projected that Circle and Coinbase could lose $60 million to $80 million in combined annual EBITDA under the new terms.

Syncracy Capital co-founder Ryan Watkins said the partnership allows Hyperliquid to capture both trading fees and stablecoin yield. He added that deposits tend to remain steadier than trading volume during market downturns.

Howard, senior director at trading firm Wincent, said the agreement may signal the start of consolidation in the stablecoin market. He stated that fewer stablecoins and fewer conversion layers could improve liquidity efficiency and strengthen the position of larger stablecoins.

Hyperliquid currently holds over $5 billion in USDC deposits. Watkins estimated that if those balances grow, the protocol could generate $300 million to $500 million in additional annualized revenue from yield sharing.