How Hyperliquid Benefits From Its New Deal With Coinbase Over USDC

Unchained

Laura Shin

News, Business News, Tech News

4.6 • 1.3K Ratings

🗓️ 15 May 2026

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

Coinbase just became the official USDC treasury deployer on Hyperliquid. Alex Weseley of Artemis explains how this boosts Hyperliquid’s annual revenue by 25%. ======================================================== Thank you to our sponsor! ⁠⁠Coinbase One⁠⁠: Get 20% off the first year of your Coinbase One annual plan at ⁠⁠coinbase.com/unchained⁠⁠. ======================================================== The morning this episode was recorded, Coinbase announced it was acquiring the USDH brand and becoming the official USDC treasury deployer on Hyperliquid — a deal with $150 million in annual revenue implications for a platform that previously earned nothing from its $5 billion USDC float. Alex Weseley, institutional data lead at Artemis Analytics, walks through the math on the HYPE price move, explains why the deal had to be bilateral between Circle and Coinbase, lays out his $300 billion Coinbase thesis built on X402 and agentic commerce, and takes on the question Laura's been asking all week: is the Circle–Coinbase relationship heading for divorce? Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠Alex Weseley — Institutional Data Lead, Artemis Analytics Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi, everyone. Welcome to Unchained. Your no hype resource for all things, crypto. I'm your host,
0:05.3	Laura Shin. Thanks for joining this live stream. Today's guest is Alex Wesley, Institutional Data Lead at Artemis Analytics.
0:12.6	Welcome, Alex. Hi, Laura. Happy to be here. I've been a fan for many years, so excited to be here and band-boying a little bit.
0:23.7	Well, thanks for listening.
0:26.5	So yesterday I reached out to Artemis about coming on the show to discuss a number of different market-related things.
0:32.3	And in the kind of like pre-show conversation, you said you wanted to discuss Coinbase and I said
0:38.7	I wanted to discuss Hyperliquid.
0:40.8	And then this morning we woke up to this news that Coinbase is acquiring and sunseting
0:46.9	the Hyper Liquid native stable coin, USDH's brand.
0:51.3	Sorry, USCH, the brand.
0:53.4	And it's going to become the official treasury deployer of
0:56.3	USCN hyperliquid.
0:58.0	So this is so interesting because this is less than a year after there was this intense
1:02.0	competition between various teams to become Hyperliquit's native staple coin and Native
1:07.1	Markets is the team that was behind USDAH that won that.
1:11.5	So what do you make of this new development?
1:15.6	Yeah, I mean, lots to unpack here.
1:18.7	I remember going back to, I think it was September, October last year where
1:21.6	it was a PayPal Paxos, Athena, Sky, everybody was throwing in, you know, bids to claim the USDA
1:30.2	kicker on hyperliquid and become sort of the aligned stable coin.
1:37.0	And native markets ultimately won with a little bit of controversy, I recall.
1:43.5	And they went live a few months ago,
	...

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