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