Coinbase Just Gave Hyperliquid Holders the Gift of a Lifetime. Here's How to Benefit.
2026-05-28 06:35:00 ET
Every dollar of the stablecoin USDC that's in circulation is backed by reserves, mostly short-term U.S. Treasuries, that generate yield. Since it launched in 2018, virtually all of that income has been retained by its issuer, Circle Internet Group , (NYSE: CRCL) and its distribution partner, Coinbase Global , (NASDAQ: COIN) and the coin's base of holders never saw a cent. But now, Hyperliquid , (CRYPTO: HYPE) the decentralized crypto exchange, just changed the equation.
Under a deal announced on May 14, Coinbase became the official USDC treasury deployer on the Hyperliquid network, with Circle handling all of the necessary cross-chain infrastructure. Per the agreement, Hyperliquid is now going to capture up to 90% of the yield from USDC deposits on its platform, which will be revenue used for buying back its native coin, Hype. That's going to be a huge gift for Hyperliquid's holders, so let's explore how it changes the investment thesis.
Image source: Getty Images.
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