How Hyperliquid Benefits From Its New Deal With Coinbase Over USDC

Coinbase just became the official USDC treasury deployer on Hyperliquid. Alex Weseley of Artemis explains how this boosts Hyperliquid’s annual revenue by 25%.

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Thank you to our sponsor!

⁠⁠Coinbase One⁠⁠: Get 20% off the first year of your Coinbase One annual plan at ⁠⁠coinbase.com/unchained⁠⁠.

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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

Timestamps

🔵 0:00 Coinbase acquires USDH brand, and what an aligned quote asset is on Hyperliquid

📈 3:42 Why Hype jumped 10% and what's in it for Coinbase

💙 8:51 Coinbase: Get 20% off the first year of your Coinbase One annual plan at coinbase.com/unchained.

⚖️ 10:52 Coinbase increases its staked Hype position: why is it aligning with a no-KYC competitor?

🤖 14:00 The two reasons why Alex projects that Coinbase could be a $300B company by 2031

📜 22:11 CLARITY Act: activity-based stablecoin yield compromise and what it means for Coinbase

💔 26:25 Is the Circle–Coinbase marriage heading for divorce?

🌊 30:22 After recent successes, where does Hyperliquid go from here?

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