MoonPay has integrated Hyperliquid into its Gateway platform, enabling users in the United States and the United Kingdom to convert fiat currency directly into USDH and USDC stablecoins on Hypercore in a single transaction. The integration, announced on May 22, follows a broader expansion of fiat on-ramp services into decentralized trading infrastructure as the line between centralized and decentralized finance continues to narrow.

Gateway Streamlines Fiat Access to Hyperliquid

MoonPay Gateway combines fiat payment processing with on-chain routing through decentralized exchange aggregators, removing the multi-step process that previously required users to purchase stablecoins on a centralized exchange, bridge them to Hypercore, and then swap into their desired tokens. George Kassis, Principal Product Manager at MoonPay, described the rationale in a statement accompanying the launch. “Hyperliquid has become the center of gravity for on-chain trading,” Kassis said. “Gateway makes it possible to go from a credit card to a Hyperliquid token in one step.”

The service is currently available in the United States, excluding New York, and in the United Kingdom. Hypercore joins Solana, Ethereum, and Base as supported networks within the Gateway platform. For existing MoonPay partners that have already integrated Gateway, the addition of Hyperliquid requires no additional development work, which could accelerate adoption among the more than 500 enterprise clients the company serves across 180 countries.

Hyperliquid’s Growing Role in Decentralized Trading

Hyperliquid operates as a purpose-built Layer 1 blockchain running a fully on-chain central limit order book through its Hypercore protocol. The network processes up to 200,000 orders per second with sub-second finality and supports perpetual futures, spot markets, builder-deployed markets, and outcome contracts. According to CoinGecko’s 2026 CEX and DEX Trading Activity Report, decentralized platforms have expanded their share of total perpetual futures volume fivefold, reaching 10 percent of the overall market. Hyperliquid accounts for approximately 70 percent of that decentralized perpetual futures activity, positioning it as the dominant venue in the segment.

The platform’s ecosystem has also expanded beyond trading. More than 170 projects are currently building on HyperEVM, the network’s EVM-compatible smart contract layer, spanning decentralized finance protocols, infrastructure tools, and application layers that extend the network’s utility beyond its core trading functions.

Stablecoin Landscape on Hypercore Enters Transition Phase

The Gateway integration arrives during a transitional period for Hyperliquid’s stablecoin infrastructure. USDH, the network’s native stablecoin designed by Native Markets and issued by Bridge, was originally built as a 1:1 dollar-backed asset with reserves managed by BlackRock and Superstate, and custody provided through JPMorgan and Fireblocks. The stablecoin was designed to retain reserve yield within the Hyperliquid ecosystem rather than directing it to external issuers.

However, Coinbase has since become Hyperliquid’s official USDC treasury deployer under the platform’s AQAv2 framework, and USDH is entering a gradual sunset phase. Under the new arrangement, Coinbase will share the majority of reserve yield revenue generated from Hyperliquid USDC balances with the protocol itself. USDH remains fully backed during the transition, with feeless conversions into USDC or fiat available through the official dashboard, though liquidity is expected to migrate toward USDC-powered markets over time.

MoonPay’s Infrastructure Expansion Accelerates

The Hyperliquid integration is part of a broader infrastructure push by MoonPay in 2026. The company has completed four acquisitions this year, including Decent, a Y Combinator-backed crypto infrastructure company acquired for a reported high eight-figure sum. That deal led to the launch of MoonPay Trade, a product targeting banks, fintech firms, and asset managers with access to tokenized assets, stablecoin liquidity, and decentralized finance services across more than 200 blockchain networks. MoonPay now serves over 30 million customers globally.

Risks and Uncertainties

The integration’s geographic limitations present an immediate constraint, as users outside the United States and the United Kingdom cannot access the service at launch. Regulatory clarity for fiat-to-DeFi on-ramps remains uneven across jurisdictions, and further expansion will depend on licensing approvals that could take months or years to materialize. The ongoing USDH sunset introduces additional complexity, as users entering the ecosystem through Gateway may need to navigate the transition from USDH to USDC as the primary quote asset. Hyperliquid’s dominance in decentralized perpetual futures, while notable, also concentrates risk in a single venue at a time when regulatory frameworks for decentralized derivatives remain largely undefined. Whether the streamlined access provided by Gateway translates into sustained user growth or merely temporary convenience will depend on how effectively both platforms navigate these structural and regulatory challenges.

About XT Exchange

Founded in 2018, XT Exchange is a leading global digital asset trading platform, serving over 12 million registered users across more than 200 countries and regions, with an ecosystem reach exceeding 40 million. XT Exchange supports 1,300+ tokens and 1,300+ trading pairs, offering a wide range of trading options, including spot, margin, and futures, alongside a secure RWA (Real World Assets) marketplace. Guided by the vision “Xplore Crypto, Trade with Trust,” the platform strives to provide a secure, trusted, and intuitive trading experience.

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