Coinbase just became the official USDC treasury deployer on Hyperliquid. Alex Weseley of Artemis explains how this boosts Hyperliquid’s annual revenue by 25%.
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The morning this episode was recorded, Coinbase announced it was acquiring the USDH brand and becoming the official USDC treasury deployer on Hyperliquid — a deal with $150 million in annual revenue implications for a platform that previously earned nothing from its $5 billion USDC float.
Alex Weseley, institutional data lead at Artemis Analytics, walks through the math on the HYPE price move, explains why the deal had to be bilateral between Circle and Coinbase, lays out his $300 billion Coinbase thesis built on X402 and agentic commerce, and takes on the question Laura's been asking all week: is the Circle–Coinbase relationship heading for divorce?

Host:
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 <li>
<a href="https://x.com/laurashin">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>, Host / Unchained</li>
</ul>
Guests:
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 <li>
<a href="https://x.com/CryptoHayes">⁠</a><a href="https://x.com/0xpampa">Alex Weseley</a> — Institutional Data Lead, Artemis Analytics
</li>
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