USDH: What Coinbase Actually Bought
A bottom-up valuation of the brand and contract rights, from Allium supply data and public comps.
Native Markets stablecoin on Hyperliquid Brand-asset sale to Coinbase
Coinbase did not acquire Native Markets the company. It bought the USDH brand and contract rights, and inherited the position of official USDC treasury deployer on Hyperliquid under AQAv2. This tear sheet builds a bottom-up valuation from Allium onchain supply data and public-market comps to estimate what that deal was worth.The core questions this report answers:
- What is USDH's standalone financial value, anchored to verified Circle and Coinbase multiples?
- How much is the competitive defense worth on top of that?
- What did Coinbase actually get, and what did it leave behind?
For trading desks and institutional allocators tracking stablecoin market structure on Hyperliquid. For informational purposes only. Not investment advice.
By Elton Shehdula, Research Lead @Allium
July 23, 2026
Binance outflows shifted to self-custody into the MiCA deadline
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Tokenized US funds hold $14.2B onchain
Tokenized US money-market and Treasury funds now hold $14.2B in onchain AUM, up roughly 8x in 24 months from $1.7B. Two products split the market: Treasury and government-bond wrappers ($10.7B, 75%) and registered money-market funds ($3.5B, 25%), both backed by short-dated US government paper that passes a Treasury-bill yield through to the holder.
Finance is moving onchain. Allium is the system of record it runs on.
Finance is moving onchain. Allium is the foundation it runs on.