Coinbase has integrated Hyperliquid’s perpetual futures engine directly into the Base App, giving eligible users access to leverage up to 50x across more than 290 markets. This integration allows users to trade perpetual futures contracts without ever holding the underlying asset. USDC balances on Hyperliquid reached approximately $5 billion as of mid-2026, representing a 100% year-over-year increase. Coinbase, as the official USDC treasury deployer on Hyperliquid’s network, is responsible for minting and redeeming USDC, generating revenue through its equity stake in Circle. This expansion brings the platform to Coinbase’s roughly 110 million verified users worldwide.
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