Hyperliquid Receives $14.6M USDC Payment Boosting $HYPE Buybacks

Hyperliquid announced on Monday that it received a $14.58 million USDC payment under its Aligned Quote Asset v2 (AQAv2) framework. This marks the first distribution of yield generated on USDC reserves within the Hyperliquid ecosystem, introducing a new revenue source alongside trading fees. The yield began accruing after AQAv2 activated in late August, with this initial distribution covering approximately 30 days. The framework allows reserve income to accumulate even when assets are not actively traded, distinguishing it from transaction fees.

Under AQAv2, about 90% of cost-adjusted reserve yield is shared with Hyperliquid’s Assistance Fund, which uses protocol revenue to purchase $HYPE tokens. Users can bridge USDC into HyperEVM, with Circle providing issuance infrastructure and Coinbase serving as the treasury deployer. This arrangement expands income sources to support token purchases, though reserve-yield receipts and $HYPE purchases are separate events.

The $14.58 million distribution does not confirm that the Assistance Fund has bought an equivalent amount of $HYPE. If Hyperliquid received $14.58 million every 30 days, the payments would total approximately $177 million annually. However, this is an illustrative calculation, not a revenue forecast. Actual annual income depends on reserve balances, yields earned, and applicable costs.

This development follows recent news that Hyperliquid’s perpetual futures have been listed on the Bloomberg Terminal. The timing aligns with increased interest, although it does not establish a direct causal link. Bloomberg’s coverage includes commodities like oil, gold, and silver, as well as prominent stock indexes and cryptocurrencies.

Technically, $HYPE remains above its 20-day, 50-day, and 100-day exponential moving averages at approximately $89.50, $83.10, and $74.80. The Relative Strength Index stands near 58, indicating moderately positive momentum. Immediate resistance lies near $97.70, with the next upside target around $109.10 if that barrier is sustained.