Coinbase and Circle's commitment to Hyperliquid's AQAv2 upgrade sent HYPE up to roughly $45 on May 14, a deal that makes USDC the platform's aligned quote asset and directs the vast majority of reserve-yield revenue back to the protocol.
The Coinbase deal could inject over $160 million annually for HYPE buybacks and other token accrual programs.
HYPE, reached a yearly high of $46.93, soaring 17% in 24 hours following news that Coinbase will stake HYPE to activate AQAv2. The Shift to USDC Integration HYPE, the utility token of the decentralized exchange and layer 1 protocol Hyperliquid, surged to $46.93 on Friday, its highest point this year.
HYPE's ETF-fueled rally faces a major technical test even though Coinbase and Circle strengthen Hyperliquid's bullish case.
Hyperliquid's HYPE token experienced a sharp 21% surge over the last 24 hours, climbing to $46.64 by Friday's close. This upward movement elevated its market capitalization to approximately $11.14 billion, securing its position back among the top 10 largest cryptocurrencies.
The network is simplifying its stablecoin structure.
Bitcoin used to move. Everything else followed.
Hyperliquid soared 18.74% to $46.23, topping the gainers chart. Internet Computer fell 7.05% to $2.83, marking the biggest loss.
The Bitwise Hyperliquid ETF (BHYP) will begin trading on the New York Stock Exchange (NYSE) on Friday, May 15, 2026. The fund structure includes a 0.34% management fee, which will be waived during the first month for the first $500 million in assets. The Hyperliquid ecosystem processed a transaction volume of $2.
$BHYP offers direct HYPE exposure with built-in staking rewards and a 0.00% opening expense ratio.
Crypto exchange Coinbase (COIN) made a major move for the Hyperliquid (HYPE) ecosystem on Thursday, outlining how it plans to deepen support for Circle's USDC stablecoin on the platform.
The Bitwise Hyperliquid ETF will offer staking through the company's in-house staking division Bitwise Onchain Solutions.