By Allium Research
USDH: What Coinbase Actually Bought
Valuing the Native Markets Brand Asset Sale (May 2026)
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
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