Cryptocurrency exchange Coinbase will become the official deployer of reserves for the stablecoin USDC on the Hyperliquid network and has acquired the USDH brand assets from Native Market. The deal will reorganise Hyperliquid’s stablecoin liquidity around a single USDC token, making USDC the platform’s only aligned quote asset. USDH will be phased down, with holders able to swap to USDC or redeem for fiat during a transition period.

BlackRock has urged the U.S. Office of the Comptroller of the Currency to withdraw a provision that would cap tokenised assets at 20 percent of stablecoin reserve assets, saying the limit is unnecessary. It said reserve-asset risk should be judged by liquidity, maturity and credit quality, not whether assets are tokenised. BlackRock also asked for clarity on what qualifies as eligible reserves, including whether Treasury ETFs qualify, and proposed adjustments to diversification options in the draft rules.