Coinbase has announced its plan to activate AQAv2 on USDC as the treasury deployer, with Circle serving as the technical deployer responsible for CCTP and native cross-chain infrastructure. Both Coinbase and Circle have committed to stake HYPE to activate AQAv2. As part of this transition, Native Markets has agreed to terms granting Coinbase the right to purchase the USDH brand assets. With Coinbase, in its role as treasury deployer, sharing the vast majority of reserve yield revenue with the protocol, USDC will become the most aligned stablecoin on Hyperliquid. As a result, canonical outcome (HIP-4) markets will use USDC as the quote asset in a future network upgrade.
User and builder feedback has been consistent that fragmentation leads to degraded experience; now, the community no longer needs to choose between liquidity and protocol alignment.
The pioneering work of Native Markets in launching USDH as the first production-scale stablecoin sharing yield directly with a protocol in a purely onchain implementation made AQAv2 possible. The learnings and mechanics pioneered by USDH will live on in AQAv2.
The Hyper Foundation will give grants to eligible HIP-3 deployers, HIP-1 deployers, and builders who integrated USDH, supporting teams through migration over the next months. These grants reflect an ongoing commitment to teams who choose to build on Hyperliquid and align with the protocol. USDH markets are fully functional but will sunset over time. USDH remains fully backed, with feeless conversions to USDC and fiat available to users during this transition.
I spent the past few days in Washington with @hyperliquidpc meeting with policymakers during the historic advancement of the Clarity Act. We discussed Hyperliquid, the benefits that it offers to American consumers, and the regulatory path to bring onchain derivatives markets into the United States.
Some conversations were technical with an impressive baseline understanding of Hyperliquid. Discussions included how onchain trading is a financial innovation that has clear global user demand. Other conversations focused more on a first principles introduction to defi and the promise of onchain markets. It was encouraging to see bipartisan support for thoughtful regulation of crypto. I look forward to continuing discussions in DC and working hard to make American access to Hyperliquid a reality.
To add to this below:
There's one important thing that you must understand, the AF been buying on avg 130 000 $HYPE coins every single day for the past 180 days, those coins are not hitting the market anytime soon there is no TP zone for them, much more people are sidelined that you would think because the main buyer is the AF itself
They accumulated 6.9% of the circ supply in 180 days, this single sentence should hit like a lightning strike to you
It's against everything we've ever seen in crypto before thats why most still dont get it but i swear it's simple maths, there are no sellers that can actually decently rival the AF on the demand side
On top of that every single relevant metric is up: users, volume, stablecoin supply, revenue and the EVM is just starting to get some organic traction, basically this is the perfect recipe for all of this to keep on going
And obviously the elephant in the room with 38.888% of the supply left for future emissions and community rewards: $15B+ at current prices
The flywheel is flywheeling and i guess everyone gets to buy $HYPE at the price they deserve