Warsh Confirmed; Coinbase Gets USDH Rights, STRC Hits $1.53B
Kevin Warsh was confirmed as Fed chair. Hyperliquid granted Coinbase USDH treasury deployer rights, lifting HYPE 17% to $46.93. Strategy’s STRC hit $1.53 billion in volume.
Kevin Warsh won Senate confirmation as chair of the Federal Reserve on May 14. On the same day, Hyperliquid granted Coinbase the role of USDH treasury deployer and Strategy reported record trading for its STRC preferred stock.
Hyperliquid assigned Coinbase responsibility to manage and deploy USDH stablecoin reserves on the Hyperliquid blockchain. The announcement coincided with a 17% rise in the HYPE token to $46.93, a year-to-date high for the token.
Industry commentator Ryan Watkins described stablecoin yield as ranking just behind trading fees as an income source for crypto platforms and called Hyperliquid “now the first blockchain to internalize both.” His remarks referenced the pairing of custody or trading services with on-chain stablecoin operations.
Strategy reported $1.53 billion in trading volume for STRC preferred shares on May 14, the largest single-day volume on record for that security. STRC is a preferred share tied to Strategy, the company associated with Michael Saylor, and the volume reflects heavy trading in a security linked to bitcoin exposure and related financing structures.
Warsh’s confirmation drew debate on Capitol Hill, where lawmakers raised concerns about inflation control, housing affordability and Federal Reserve independence during the confirmation process. Also on May 14, the Senate Banking Committee advanced the CLARITY Act by a 15-9 vote, moving the digital asset market-structure bill toward full Senate consideration.
Senator Elizabeth Warren criticized the CLARITY Act in committee, warning it would “blow up the economy.” Her remarks came during the committee’s discussion of the bill’s potential impact on markets and consumers.
Traders and investors showed increased activity in stablecoin-related tokens and bitcoin-linked securities during the session. The three developments-Warsh’s confirmation, Coinbase’s USDH deployer role and STRC’s record volume-occurred on the same trading day and were reflected in market price and volume data.
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