USDH: What Coinbase Actually Bought

Key takeaways

1. Allium's weighted central estimate for Coinbase's USDH brand-asset purchase is about $60M, in a $45M to $80M range.
2. Coinbase bought USDH brand assets, not Native Markets the company.
3. USDH supply peaked at $106.4M. At an assumed 4.25% T-bill reserve yield, the run-rate $102M supply produces about $4.3M of gross annualized revenue.
4. USDH was the settlement currency for HIP-4 prediction markets, with $64.6M of volume across 6,607 users in 12 days.
5. No purchase price was disclosed; the estimate is bottom-up.

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.