DuneDigest#57

Hyperliquid–Coinbase Treasury Partnership and USDH Phase-Out Hyperliquid has appointed Coinbase as its official USDC treasury deployer under the AQA v2 framework, while Native Markets transferred rights allowing Coinbase to acquire the USDH brand assets as the native stablecoin is phased out. In the immediate aftermath of the announcement, USDH supply on HyperEVM contracted by $25 million to $85 million. Coinbase and Circle will stake HYPE tokens and direct approximately 90% of reserve yields back to the protocol, delivering a projected 22–26% revenue uplift. Why it matters: This partnership marks a pivotal maturation for Hyperliquid, creating the first seamless institutional treasury pipeline between a Tier-1 CEX and the dominant onchain perpetuals venue. By transitioning to USDC — the stablecoin USDH was originally positioned to replace — with deep yield-sharing mechanics, Hyperliquid strengthens its position as a credible settlement layer for sophisticated capital while improving liquidity quality, operational efficiency, and long-term economic alignment. For Coinbase, the appointment as official treasury deployer creates a self-reinforcing flywheel: USDC minting, redemption, and reserve-management volume now routes directly through its platform, driving higher trading fees, custody revenue, and institutional client acquisition on Coinbase while its direct participation in HYPE staking and reserve yields adds a new high-velocity income stream tied to Hyperliquid’s dominant derivatives activity. For Circle as USDC issuer, it cements USDC’s primacy in an ecosystem that had actively pursued an independent stablecoin strategy, delivering broader issuance volume and meaningful participation in reserve yields.

Bitwise-Curated Institutional USDe Market on Jupiter Lend with Kamino Leverage On May 13, Jupiter Lend launched a dedicated institutional-grade USDe lending market curated by Bitwise Asset Management, supported by Fluid’s unified liquidity infrastructure with isolated pools. This is complemented by Kamino Finance’s USDe Growth Initiative, offering one-click USDe/USDG multiply vaults with auto-compounding and robust liquidation protection, targeting net yields exceeding 20% APY. Ethena seeded both these markets with $200M in USDG each. Why it matters: The collaboration represents a significant step in professionalizing high-yield strategies on Solana. By combining Bitwise’s institutional risk oversight with Jupiter’s distribution scale and Kamino’s leverage tooling, the structure creates composable, institutional-ready infrastructure capable of safely absorbing large allocations — lowering barriers for yield-seeking capital while maintaining the governance and operational controls that sophisticated allocators require. Read more about this in our latest analysis.

21Shares Launches First Hyperliquid ETF (THYP) on Nasdaq 21Shares launched the first Hyperliquid ETF (ticker: THYP) on Nasdaq on May 12, designed to track the FTSE Hyperliquid Index with planned integration of HYPE staking rewards directly into the fund structure. The launch comes as Hyperliquid’s core exchange and HIP-3 have collectively processed nearly $4.5 trillion in cumulative trading volume, coinciding with the rollout of HIP-4, which introduces native outcome contracts for prediction markets and event-based trading. Why it matters: This marks the first regulated vehicle giving traditional investors direct exposure to the leading onchain perpetuals exchange’s extraordinary scale, fee accrual, and token economics. With HIP-4 now live, the ETF positions investors at the forefront of Hyperliquid’s expansion into a broader derivatives and event-based primitives suite, all within a familiar ETF wrapper that avoids direct crypto custody and operational complexity — potentially unlocking meaningful TradFi inflows into one of the highest-velocity onchain venues.

Sentora Launches PRIME Private-Credit Vault on Morpho Sentora launched the PRIME vault on Morpho on May 13, backed by Figure HELOC and private-credit RWA collateral targeting approximately 7% APY. Why it matters: The launch brings real-world consumer credit and private-credit yields directly into DeFi lending at scale. With total RWAs tracked surpassing $27 billion, credit has emerged as the largest category of RWA by DeFi composability — especially as lending collateral — which is precisely why it reacted most sharply to the April 18 KelpDAO hack and subsequent deleveraging (contracting from a $4.7 billion peak to roughly $3 billion AUM today). PRIME, Syrup, FalconX, mf-ONE, and similar structures now represent the clearest signal of institutional comfort with diversified, non-correlated yield sources beyond Treasuries and the next phase of onchain credit market maturity.

A New Wave of Tokenized Money Market Funds J.P. Morgan launched its second tokenized government money market fund, JLTXX, on Ethereum, seeded with $100 million through Anchorage Digital (May 13). Fidelity International introduced its first tokenized treasury/liquidity fund, FILQ, with Chainlink-powered real-time NAV and 24/7 redemptions (May 13), alongside BlackRock’s filings for more tokenized money-market structures after BUIDL. Why it matters: The near-simultaneous moves by three of the world’s largest asset managers represent the clearest institutional validation yet for onchain cash infrastructure. Tokenized treasuries, T-bills, and money market funds remain the undisputed anchor of the RWA sector, commanding roughly $14 billion in AUM and demonstrating the strongest product-market fit to date. These instruments offer safe and predictable yield, and predominantly sit in institutional and corporate balance sheets and are increasingly serving as the high-quality collateral and backing for stablecoins. Underlying infrastructure is improving rapidly, directly addressing prior limitations such as non-instant redemptions. Grove just launched Basin, a programmable liquidity network offering up to $1B daily committed stablecoin liquidity for tokenized U.S. Treasury funds. Investors in JTRSY (Janus Henderson) and BUIDL (BlackRock) can now receive instant 24/7 stablecoin redemptions, while traditional settlement happens in the background, making on-chain Treasuries as liquid as crypto and ready for DeFi.

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