Hyperliquid’s USDC reserve fund revenue sharing mechanism will launch on August 26, with an expected annual contribution of $200 million for HYPE token buybacks.

Hyperliquid’s AQAv2 stablecoin model protocol has previously secured support from 19 out of 26 validators, with the mechanism’s revenue accrual set to officially launch on August 26. Meanwhile, Circle has transferred roughly $4.4 billion in USDC to Coinbase on HyperEVM via the AQAv2 mechanism, marking the largest single USDC transfer on HyperEVM to date. If all proceeds as planned, revenue generated by AQAv2 will start accruing on August 26, with the first payment expected to enter the Assistance Fund on October 3. AQAv2 (Aligned Quote Asset v2) is a stablecoin mechanism announced by Hyperliquid in May this year, allowing stablecoins not exclusively issued by Hyperliquid—including USDC—to obtain "Aligned" qualification. According to public information, AQAv2 returns most of the stablecoin revenue to the Hyperliquid ecosystem: 90% of the revenue is allocated to the relevant mechanism, and 100% of that sum is then used to repurchase and burn HYPE tokens. Coinbase is designated as the fund deployer, while Circle handles technical deployment; both parties will also stake HYPE to participate in the mechanism. Previously, the mechanism required stablecoins to be exclusive assets of Hyperliquid, but AQAv2 removes this restriction, focusing instead on HIP-4 standardized markets and perpetual contract markets operated by validators. Per public disclosures, AQAv2 is projected to generate up to approximately $200 million in revenue, further boosting token value capture through the HYPE repurchase and burn mechanism.