Hyperliquid advances a USDC integration as HYPE extends its rally

Hyperliquid’s HYPE token has rallied about 24% in the last 6 days, now trading near $47.65. That stands out in a weaker broader market and comes as traders focus on a major change in the platform’s stablecoin setup.

On May 14, Coinbase became the official USDC treasury deployer for Hyperliquid, making USDC the platform’s main quote and collateral asset. Circle, as the USDC technical deployer, will handle minting, redemption, and cross-chain transfer infrastructure. Coinbase says USDC on Hyperliquid has topped $5 billion, roughly double from a year ago.

More of Hyperliquid now runs through USDC, and Coinbase and Circle sit deeper in that plumbing than before.

Bitwise adds another piece. Its new ETF is set to direct 10% of its gross sponsor fee revenue to buying HYPE. So the bull case here is not just momentum. It is a platform concentrating around USDC while a new product creates an added source of HYPE demand.

The next question is whether that setup turns into sustained on-chain activity.