novus
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RWA trading on Hyperliquid reached a new ATH of $2.6B in open interest, double the amount from two months ago. Demand for 24/7, onchain access to real world assets continues to grow.
Markets by Kinetiq will work with @HyperliquidX and @nativemarkets to ensure a seamless transition to USDC for the margin asset for the DEX. First, credit where it's due: Native Markets pioneered the first production-scale protocol-aligned stablecoin. AQAv2 wouldn't exist without that work, and we were proud to ship it alongside them. Kinetiq contributed to >50% of USDH growth via $KNTQ and @Markets_xyz. The fragmentation between USDH <> USDC was completely abstracted on both frontends, desktop and mobile. That same abstraction layer makes the USDC transition invisible to traders. To traders of km assets, and kmHYPE stakers: As usual, we'll be over-communicative on the next steps and ultimately this does not affect stake, or $HYPE / $KNTQ buybacks in the slightest. Listings will carry over and expand aggressively. There is no action required on behalf of traders at this time.
Coinbase has announced its plan to activate AQAv2 on USDC as the treasury deployer, with Circle serving as the technical deployer responsible for CCTP and native cross-chain infrastructure. Both Coinbase and Circle have committed to stake HYPE to activate AQAv2. As part of this transition, Native Markets has agreed to terms granting Coinbase the right to purchase the USDH brand assets. With Coinbase, in its role as treasury deployer, sharing the vast majority of reserve yield revenue with the protocol, USDC will become the most aligned stablecoin on Hyperliquid. As a result, canonical outcome (HIP-4) markets will use USDC as the quote asset in a future network upgrade. User and builder feedback has been consistent that fragmentation leads to degraded experience; now, the community no longer needs to choose between liquidity and protocol alignment. The pioneering work of Native Markets in launching USDH as the first production-scale stablecoin sharing yield directly with a protocol in a purely onchain implementation made AQAv2 possible. The learnings and mechanics pioneered by USDH will live on in AQAv2. The Hyper Foundation will give grants to eligible HIP-3 deployers, HIP-1 deployers, and builders who integrated USDH, supporting teams through migration over the next months. These grants reflect an ongoing commitment to teams who choose to build on Hyperliquid and align with the protocol. USDH markets are fully functional but will sunset over time. USDH remains fully backed, with feeless conversions to USDC and fiat available to users during this transition.
in case you're confused about the Coinbase x Hyperliquid news: Hyperliquid didn't want the ecosystem just renting liquidity from Circle forever. so they built AQAv2 , a standard for a protocol-native stablecoin that shares yield directly back to Hyperliquid instead of keeping it outside Native Markets won the auction to build it, launched USDH, and proved the whole thing could work onchain at scale Coinbase saw it and wanted in, Coinbase bought and staked the 500K $HYPE ($20M) last week hypurrscan.io/address/0x4e53… become the treasury deployer under that same standard. Circle now handles the cross-chain infrastructure and the majority of reserve yield flows back to the protocol so the ecosystem still gets alignment. just at Coinbase scale now as for USDH, markets stay open for now but sunset over time. it's fully backed, and users can convert to USDC or fiat for free during the transition. Native Markets gets grants, so does anyone who built on USDH HIP-4 prediction markets will settle in USDC as one asset with no fragmentation Hyperliquid
Saturn is proud to announce our $2M seed round led by @TheSpartanGroup, with participation from @Anchorage, Susquehanna Crypto, and more. Saturn is building the application layer on Bitcoin - powered by $STRC. A thread on why it matters.
