Hyperliquid's AQAv2 Framework Boosts HYPE Token Buybacks

Hyperliquid (HYPE) has activated its AQAv2 framework, which directs 90% of USDC reserve yields towards buying back and burning HYPE tokens.

The system, launched on August 26, uses revenue generated from USDC reserves to fund the Assistance Fund, which purchases HYPE tokens for removal from circulation. This creates a second buyback route for HYPE, in addition to the existing fee-driven mechanism that scales with trading volume.

Coinbase serves as the treasury deployer and Circle as the technical deployer, both having staked HYPE before the activation went live. The first payment is expected on October 3, with annual contributions estimated between $135 million and $200 million depending on USDC reserve size and prevailing yields.