Coinbase turns Hyperliquid’s USDC deal into a live HYPE catalyst
Coinbase has activated its role as Hyperliquid’s USDC treasury deployer, turning the AQAv2 stablecoin framework into a live revenue catalyst. The deal could push significant reserve income toward Hyperliquid and strengthen HYPE buybacks, but the model still depends on USDC balances, rates and trading demand.