Coinbase is now the official USDC treasury deployer on Hyperliquid, where stablecoin supply has reached ~$5.4B. This is not simply another chain integration. It is a signal about who controls liquidity operations inside a major public onchain venue. Find out what this means: https://sentora.com/research/articles/private-rails-public-liquidity-the-split-stack-of-institutional-defi(Sentora)