Hyperliquid directly signed agreements with Coinbase and Circle, making USDC the primary stable asset on the platform. Coinbase is responsible for treasury deployment, and the three parties even set up a revenue-sharing model. A decentralized on-chain derivatives exchange (DEX) tying custody and revenue structures directly to the largest compliant stablecoin issuer and the biggest U.S. exchange—this isn’t just simple 'support for USDC.' It’s about integrating CeFi’s credit backing and liquidity pipelines into the core ledger of DeFi. If this model proves successful, other top DEXs will likely be forced to follow suit with similar stablecoin treasury collaborations. After all, institutional capital has never been about narratives—it’s about custody solutions and certainty of returns.