Coinbase Global (COIN) surged on Monday as investors assessed the company’s expanded role in Hyperliquid’s USDC treasury operations. At press time, the COIN shares were trading at $162.77, up 6.80% from the previous market close, as the crypto exchange activated its position as the official USDC deployer for the decentralized perpetual futures exchange. The move connects Coinbase more closely with Hyperliquid’s treasury infrastructure at a time when activity across decentralized derivatives markets remains elevated. Hyperliquid’s native HYPE token also moved higher following the announcement, rising 12% after recovering from recent lows tied to broader crypto market weakness. Coinbase said it activated the AQAv2 framework through two designated treasury wallet addresses. The framework is designed to route most of the yield generated from Hyperliquid’s USDC reserves back into the protocol’s ecosystem, a structure that could add as much as $200 million in annual revenue for Hyperliquid. Coinbase Activates USDC Treasury Role on Hyperliquid Coinbase confirmed that it is now the official deployer of Hyperliquid’s USDC treasury wallet. The activation follows an earlier announcement made less than a month ago, when Coinbase disclosed that it would assume the deployer role and increase its staked HYPE position. The AQAv2 setup allows Coinbase to manage deployment activity linked to Hyperliquid’s USDC reserves while directing most of the related yield back to the decentralized exchange. Hyperliquid uses USDC as a collateral token across HIP-3 and HIP-4 markets, making the asset central to trading activity across parts of the protocol. On-chain data from HypurrScan shows that one of Coinbase’s designated wallet addresses already holds more than $32 million in staked HYPE tokens. The second wallet address had not recorded transactions at the time of the update. The arrangement may also increase the capital available for HYPE token repurchases. Hyperliquid allocates up to 99% of protocol revenue to buybacks through its Assistance Fund mechanism, meaning additional revenue from USDC reserves could increase demand linked to that process. HYPE Token Rises as Hyperliquid Activity Expands HYPE gained 12% on Monday after Coinbase activated its treasury deployment to trade near $64 on June 8 after recovering from an intraday low close to $57. The rebound followed a broader crypto liquidation event that had pushed HYPE toward a correction low near $55. Despite Monday’s recovery, HYPE price remained below its recent all-time high of about $75.48. Traders continued to monitor whether the token could hold recovered levels after the sharp move higher. Activity across the Hyperliquid ecosystem has remained strong. Trade.xyz, a HIP-3 decentralized exchange built on Hyperliquid, recorded $16.18 billion in weekly trading volume last week, marking its strongest weekly performance since launching in October. Kraken’s recent launch of HYPE staking has also added another yield option for token holders. The additional staking access comes as Hyperliquid’s markets continue attracting volume from traders using USDC collateral. COIN Stock Tests Key Technical Levels COIN stock’s 6.80% gain to $162.77 placed the shares above a closely watched support area. Market watchers are monitoring the $141 to $151 zone, which has acted as an important floor on the three-day chart. A sustained hold above $141 would keep the rebound setup intact. Under that scenario, $185 remains the next major resistance level for COIN stock. A clean move above $185 could shift attention toward $223, where another resistance area sits. COIN/USD 3-Day price chart (Source: X ) If COIN stock falls below $141, the chart may face renewed pressure. The next visible support area is near $108, while a deeper decline could bring attention to the $74 region. The broader price structure still reflects a retreat from the upper trendline area near $445, followed by lower highs and a return to major support. For now, the $141 level remains the key downside marker, while $185 serves as the first upside test.
