Ask HN: Paste URL onto text to create a hyperlink

Slack has this fantastic feature: when you have a valid URL in your clipboard and you select a piece of text (in the window where you write messages) and press CTRL+V, the selected text is not replaced with the URL from clipboard but instead the selected text is turned into a hyperlink pointing to that URL.

How would you call this feature?

Is there maybe a browser extension that would do the same in a browser?