Overview
- Hyperliquid activated AQAv2 for USDC on Aug. 26, 2026, starting 30-day accrual cycles so reserve yield can be collected and the first transfer to the Assistance Fund will arrive on October 3, 2026 because of an implementation grace period.
- Under AQAv2 roughly 90% of cost-adjusted reserve yield from USDC will be shared with the protocol and routed into the Assistance Fund, while funds remain split about 90% in a Coinbase treasury address and 10% in a linked HyperEVM contract that rebalances each block.
- Coinbase serves as the treasury deployer and Circle as the technical deployer for USDC; both staked 500,000 HYPE to activate AQAv2 and face protocol rules that can penalize failures in custody or technical operations.
- Market estimates commonly place potential annualized AQAv2 revenue in the $135 million–$160 million range under a 3% yield assumption, with some projections nearer $200 million, but actual receipts will vary with on‑platform USDC balances and prevailing lending yields.
- AQAv2 supplements Hyperliquid’s fee-driven buybacks — the Assistance Fund buys HYPE on the open market and may burn tokens later — and the October 3 transfer will be the first concrete test of projected revenue, buyback execution, and deployer reliability.