Coinbase executed the largest USDC transfer in history with ~$4.4B moved directly to the Hyperliquid deployer wallet, according to the exchange's own announcement. The move dwarfs prior on-chain flows tracked in the past year and highlights deepening ties between centralized custody and decentralized perpetual platforms. Historical data on largest USDC transfers history Coinbase shows this single transaction resets the benchmark for institutional-scale stablecoin activity.