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.

Excited to see everyone come together for this historic moment. AQAv2 brings the protocol-aligned stablecoin model that @Nativemarkets trail-blazed to USDC with @Coinbase and @Circle's commitment to Hyperliquid. The community no longer has to choose between liquidity and alignment. Our industry will face adversity as we continue to grow. It gives me hope seeing titans of the industry come together to build for users and bring all of finance onchain.

An agent with funds still needs trusted services it can pay for to complete its tasks. Agent Marketplace gives users and agents a structured place to discover, evaluate, and integrate agentic services. That moves service access closer to usage-based, programmable economic activity. Part of Circle Agent Stack:

CLARITY is emerging - digital tokens and blockchain protocols, read/write/own, stablecoin utility, open infra that the whole financial industry can build own. We are thrilled with the progress of the Senate Banking Committee towards enacting this critical law that will help transform the global financial system.

The Senate Banking Committee’s approval of the CLARITY Act, under the leadership of Chairman @SenatorTimScott and its members, marks meaningful, bipartisan progress toward comprehensive digital asset regulation in the United States. Regulated payment stablecoins like USDC are

USYC’s growth reflects the expanding role of tokenized real-world assets in capital markets. Circle’s tokenized money market fund is becoming a key building block for onchain collateral.

New market structures are going onchain.  USDC is a foundational layer for liquidity, collateral, and quoting on @HyperliquidX. Open, interoperable and programmable digital dollars will power the future of all of finance. Hyperliquid.

Agentic executions are units of work. Pricing for this labor will be margin on token cost, and creates an amazing new surface area for unit economic and business model innovation for those providing the agentic labor. Custom agent labor contracts can be code gen’d from smart contract factories for the agentic economy.

Loved this piece I think one of the missing layers not discussed but worth calling out is the changing unit economics and pricing models The shift to pay per use, agent service and action consumption on these new headless layers will depend on agentic economic layers designed for this model. And increasingly (mostly) the actions will cross agent boundaries and require new specific forms of economic coordination between agents. Agents will generate smart contracts , dynamically binding with other agents and then facilitating narrow channels of value exchange.

Agents need access to funds. Users need control. Agent Wallets give agents a way to hold and move USDC under human-defined policies, including: → Time-bound spending limits → Transfer and x402 service controls → Allowlists and blocklists → Wallet-layer policy enforcement Built for agentic payments with guardrails.

Arc 🤝 Turnkey @turnkeyhq is delivering secure, programmable key management infrastructure for developers building on Arc Testnet. This gives teams the control and reliability needed to build production-grade applications with more secure wallet and transaction flows. → API-first wallet and signing infrastructure → Fine-grained permissions and policy controls → Secure and verifiable backend infrastructure designed to scale Arc is production-ready. Built for applications that need to move with confidence.

Circle Agent Stack is infrastructure for the agentic economy. In this demo, watch an agent: → Create a wallet funded with USDC → Discover services in Agent Marketplace → Pay for API access through Circle Gateway → Execute financial actions with Circle CLI Built for developers creating agent systems with defined permissions and guardrails.