Hyperliquid (HYPE) Rallies 10% as Coinbase Takes Control of USDC Treasury Operations

Key Highlights

• Coinbase has assumed control as the official USDC deployer for Hyperliquid’s treasury operations, staking $32 million worth of HYPE tokens.
• Analysts project this partnership could inject up to $200 million in additional annual revenue for the decentralized exchange via the AQAv2 yield mechanism.
• HYPE has climbed over 10% during today’s session, recovering from $60 to trade near $64.
• Kraken has introduced HYPE staking functionality, creating additional buying pressure for the token.
• Citrini Research highlighted HYPE as an attractive opportunity, citing $1.06 billion in yearly fees and an impressive $2 billion token repurchase initiative.

Coinbase has formally assumed responsibility as the USDC deployer for Hyperliquid, a leading decentralized perpetual futures trading platform. This development triggered a notable rally in the HYPE token, which recovered from approximately $60 to reach the $64 level.

The announcement came via Coinbase’s official X account, where the company confirmed its management of Hyperliquid’s USDC treasury infrastructure. Operations are being conducted through two separate wallet addresses utilizing the AQAv2 framework. This architecture channels the majority of yields generated from Hyperliquid’s USDC holdings directly back into the platform’s ecosystem.

According to HypurrScan blockchain data, the primary wallet currently contains approximately $32 million in staked HYPE tokens. The secondary wallet remains dormant with no transaction history to date.

Industry analysts suggest the AQAv2 arrangement could potentially boost Hyperliquid’s yearly revenue by approximately $200 million. The platform maintains a strategic policy of allocating up to 99% of its earnings toward HYPE token repurchases via its Assistance Fund program.

Token Buyback Program Attracts Institutional Interest

Citrini Research, the analytics firm that sparked market volatility in February with its artificial intelligence sector warnings, released a report this week identifying HYPE as a “compelling” investment opportunity. The firm emphasized that HYPE distinguishes itself from most cryptocurrency projects by generating verifiable cash flow.

Hyperliquid has produced roughly $1.06 billion in annualized trading fees. The platform’s 30-day perpetual futures trading volume currently registers at approximately $220 billion, based on DeFiLlama statistics.

During the previous seven-day period, Hyperliquid generated $29.5 million in total fees alongside $24.07 million in net revenue. These figures represent the platform’s strongest weekly performance since early February and the period following October 10’s crypto market correction.

Kraken Expands HYPE Support Alongside Coinbase

Kraken has simultaneously launched HYPE staking capabilities on its exchange platform, a development market observers believe will amplify token demand.

Both Coinbase and Kraken are aggressively positioning themselves to capture market share in U.S. perpetual futures trading following last month’s CFTC guidance permitting regulated cryptocurrency perpetual products. Hyperliquid’s dominance in on-chain perpetual futures volume positions it as a strategic player in this emerging competitive arena.

Trade.xyz, a HIP-3 decentralized exchange operating on Hyperliquid’s technical infrastructure, registered $16.18 billion in trading volume during the past week—its strongest showing since its October 2024 debut.

HYPE is presently changing hands around $64, per TradingView market data.

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