HYPERLIQUID AQAv2: $HYPE CÓ THỂ CÓ THÊM MỘT LƯỢNG LỚN DOANH THU VÀ BUYBACK TOKEN
Hyperliquid is putting AQAv2 (Aligned Quote Asset v2) into operation, turning the USDC currently held on Hyperliquid into a new source of revenue for $HYPE . The mechanism starts accumulating yield from 26/8/2026, with the first payment to the Assistance Fund expected on 3/10/2026.
*Put simply, an Aligned Asset is a stablecoin that is placed into Hyperliquid’s reserve management mechanism to both meet liquidity/trading needs and generate yield from the reserves.
- A major difference in AQAv2 is that Hyperliquid no longer limits this mechanism to only the ecosystem’s own stablecoin, USDH. Circle’s USDC is used as the aligned quote asset, with cb handling treasury deployment and Circle supporting the technical side.
- There is currently about 5–6 billion USD worth of USDC on Hyperliquid. These reserves are put to work earning yield; currently, it’s around 3.5–4% per year.
=> Under AQAv2, about 90% of the cost-adjusted reserve yield is shared back with Hyperliquid. At the current scale, the estimated figure is roughly 140–160 million USD per year; some more optimistic estimates put it as high as 200 million USD per year if USDC and interest rates remain favorable.
- The generated yield is transferred into the Assistance Fund, and then the Fund uses the money to buy HYPE in the market and burn it permanently. If we take 140–160 million USD per year, AQAv2 could create an additional 11.7–13.3 million USD in buybacks per month, not counting any extra increase if the amount of USDC on Hyperliquid continues to grow.
=> Previously, buyback of HYPE depended mainly on trading volume. With AQAv2, Hyperliquid has an additional revenue stream coming from the USDC reserve yield. The more USDC there is, or the higher the interest rate, the larger the cash flow available for buybacks.
Hyperliquid is putting AQAv2 (Aligned Quote Asset v2) into operation, turning the USDC currently held on Hyperliquid into a new source of revenue for $HYPE . The mechanism starts accumulating yield from 26/8/2026, with the first payment to the Assistance Fund expected on 3/10/2026.
*Put simply, an Aligned Asset is a stablecoin that is placed into Hyperliquid’s reserve management mechanism to both meet liquidity/trading needs and generate yield from the reserves.
- A major difference in AQAv2 is that Hyperliquid no longer limits this mechanism to only the ecosystem’s own stablecoin, USDH. Circle’s USDC is used as the aligned quote asset, with cb handling treasury deployment and Circle supporting the technical side.
- There is currently about 5–6 billion USD worth of USDC on Hyperliquid. These reserves are put to work earning yield; currently, it’s around 3.5–4% per year.
=> Under AQAv2, about 90% of the cost-adjusted reserve yield is shared back with Hyperliquid. At the current scale, the estimated figure is roughly 140–160 million USD per year; some more optimistic estimates put it as high as 200 million USD per year if USDC and interest rates remain favorable.
- The generated yield is transferred into the Assistance Fund, and then the Fund uses the money to buy HYPE in the market and burn it permanently. If we take 140–160 million USD per year, AQAv2 could create an additional 11.7–13.3 million USD in buybacks per month, not counting any extra increase if the amount of USDC on Hyperliquid continues to grow.
=> Previously, buyback of HYPE depended mainly on trading volume. With AQAv2, Hyperliquid has an additional revenue stream coming from the USDC reserve yield. The more USDC there is, or the higher the interest rate, the larger the cash flow available for buybacks.