Hyperliquid Activates AQAv2 to Fuel HYPE Buybacks
Hyperliquid has activated its Aligned Quote Asset v2 (AQAv2) framework for USDC, which will direct reserve yield towards the protocol's Assistance Fund. The fund is used to purchase HYPE tokens on the secondary market and potentially burn them.
AQAv2 allows participating deployers to share most of their reserve yield earned from stablecoins circulating on Hyperliquid with the network. Coinbase serves as USDC's treasury deployer, managing the reserve structure, while Circle acts as technical deployer, maintaining minting, redemption, and native cross-chain transfer infrastructure.
The first payment following an initial implementation grace period is scheduled for October 3. The revenue accrues across 30-day intervals before being transferred automatically to the Assistance Fund eight days later.