In September 2025, Hyperliquid validators selected Native Markets to issue USDH. Circle did not submit a proposal, even though USDC was the dominant stablecoin on @HyperliquidX at the time. Since then, USDH has been the Hyperliquid-aligned stablecoin where reserve economics flow back into the ecosystem, despite the majority of stablecoin supply and trading volume being denominated in USDC, on both the HyperEVM and HyperCore. With Coinbase's announcement yesterday USDC is moving in a similar direction. Coinbase is set to act as USDC treasury deployer under AQAv2, while Circle acts as the technical deployer for CCTP and native cross-chain infrastructure. Both have staked HYPE. According to @mlmabc Coinbase bought and staked 500k HYPE, worth around $20M, while Circle has deposited $5M USDC, started buying HYPE, and currently holds 97.3k HYPE, worth around $4M, all of which is staked. As of May 15, 2026, there is $1.46B USDC on HyperEVM and $3.71B on HyperCore, or $5.17B total. A 90% share on the current USDC base at 3.0% to 3.5% net yield would add about $140M to $163M of annualized revenue, or roughly a 29% to 34% uplift versus the current run rate - based on last month's revenue figures.