The Hyperliquid Foundation will allocate $10 million in grants to developers affected by the deprecation of its native stablecoin, USDH, in favor of USDC.
The news came Sunday, weeks after the foundation removed 250,001 HYPE, worth $16.9 million, from its grant portfolio.
Three days ago, 250,001 Hyperliquid: Native worth $16,993,317.97 were removed from Grants’ wallet, which originally held 3M Hyperliquid: Native at TGE.
This is likely related to the support builders used $ US dollars. pic.twitter.com/EFvXUUDteh
– Hyperliquid News (@HyperliquidNews) June 15, 2026
per advertisementGrants will be distributed to HIP-3 publishers, HIP-1 publishers, and other developers who have relied on USDH. The goal is to “help offset migration costs and recognize the work involved in an organized transition,” Hyperliquid said.
HIP-1 and HIP-3 grants will be distributed based on auction deployment costs, while HyperEVM grants will be based on the affected USDH TVL. Teams that migrate affected markets to USDC will receive a larger allocation than those that simply liquidate USDH markets.
All beneficiaries agree to commit to orderly migration and finish their work before the end of July.
USDH gives way to USDC
USDH was shut down after its original developer, Native Markets, granted Coinbase the right to purchase USDH branded assets in May, making way for USDC as the underlying asset on Hyperliquid.
Circle and Coinbase both had it In partnership with Hyperliquid to adopt the new AQAv2 for USDC, with USDC classified as a “protocol-compliant stablecoin,” Cryptopolitan reported.
AQAv2 is a framework that aims to align exclusive stablecoins, such as USDC, with the Hyperliquid network. Only then can these stablecoins be used as “consistent price assets” across the platform’s perpetual and spot markets.
Validators approved the AQAv2 proposal on June 12, with 19 out of 26 nodes (69%) voting in favor. Following approval, Circle transferred $4.4 billion of USDC to Coinbase via AQAv2, the largest USDC transaction ever recorded.
HYPE Market Update
Trading activity continued to ramp up across Hyperliquid’s HIP-3 and HIP-4 markets.
HIP-3 markets now make up 37.2% of Hyperliquid’s total permanent trading volume. Meanwhile, total market liquidations also rose to more than $3.33 billion, according to ASXN data.
Elsewhere, data shows that HIP-4 results markets recorded a trading volume of $29.9 million in a single day, with a 360% increase week on week.
At the time of writing, HYPE’s price is up 1% on the 24-hour time frame, trading at $63.42.
