$14.6 Million USDC Payment Boosts Hyperliquid’s HYPE Buybacks

Hyperliquid's USDC Yield Program has received its first payment of $14.58 million in USDC, providing additional funding for HYPE buybacks beyond trading fees.

The funds remain in the protocol's interest-collection address, awaiting transfer to the Assistance Fund, which will use them to purchase and effectively burn HYPE tokens.

This new source of funding adds reserve income to the existing buyback mechanism, previously funded by trading fees. Under Hyperliquid's AQAv2 rules, stablecoin deployers share approximately 90% of cost-adjusted reserve yield on their Hyperliquid supply with the protocol.

The transfer is seen as the first month's AQAv2 payment, and ecosystem data provider HL Eco notes that funds are waiting to be transferred to the Assistance Fund to buy and effectively burn HYPE tokens. The annualized amount from this 30-day interval would buy approximately $2 million worth of HYPE at current prices.