Hyperliquid launches USDC yield mechanism: intended for repurchasing and burning HYPE

According to Digital Asset, Hyperliquid has launched the AQAv2 (Aligned Quote Asset v2) mechanism, which uses a portion of the revenue generated from USDC reserves on the platform to accumulate funds, ultimately transferring them to an assistance fund for repurchasing and destroying HYPE in the secondary market to reduce its circulating supply.

Under this mechanism, Circle is responsible for the technical deployment of USDC, while Coinbase manages the reserves; the stablecoin issuer is expected to share about 90% of the relevant reserve revenue after deducting operational costs with the protocol. Revenue is accumulated over a 30-day cycle, with the first funds expected to be transferred on October 3. The market estimates that, based on the current USDC stock and yield, the annualized revenue could reach between $135 million and $160 million, but the actual repurchase scale still depends on the platform's USDC supply and reserve yield.