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Following
HYPE Hyperliquid activated AQAv2 on August 26, using approximately 90% of USDC reserve proceeds for HYPE buybacks and destruction.
The first AQAv2 payment is scheduled to take place on October 3 and is expected to take place every 30 to 38 days in the future.
More than $5 billion in USDC reserves could generate approximately $135 million to $160 million in annualized benefits for the program.
Since the launch of the token, Hyperliquid has destroyed approximately 462 million HYPE tokens worth approximately US$1.27 billion.
AQAv2 passed the required 66.67% validator approval threshold before activation.
Hyperliquid activated its AQAv2 framework on August 26, 2026, creating a new revenue channel for HYPE token repurchase and destruction. The system directs most of the proceeds generated by the USDC reserve to aid funds, which buy HYPE on the open market and remove those tokens from circulation.
Hyperliquid will schedule its first AQAv2 payment on October 3. The program will run on cycles of approximately 30 to 38 days, creating a regular source of repurchase that does not rely solely on transaction fees.
Hyperliquid directs USDC earnings to HYPE
AQAv2, fully known as Aligned Quote Asset v2, sending approximately 90% of the earnings generated by Hyperliquid's USDC reserves to aid funds. The fund then used the proceeds to purchase HYPE and then permanently destroyed the purchased tokens.
Hyperliquid announced the activation of its "AQAv2 (Aligned Quote Asset v2)" framework effective August 26, which directs the proceeds generated by USDC reserves to programmatic markets...
The USDC balance on the platform exceeds US$5 billion. Based on an estimated yield of nearly 3%, AQAv2 could generate approximately $135 million to $160 million in annual revenue. If reserve balances remain higher, some estimates suggest the figure could be closer to $200 million.
Hyperliquid has generated considerable revenue through transaction fees, estimated at an annualized rate of between $600 million and $950 million. AQAv2 adds an independent source of revenue linked to stablecoin reserves rather than relying on trading volume.
The agreement also maintains an aggressive repurchase program. Since HYPE was launched in November 2024, Hyperliquid has destroyed approximately 462 million HYPE tokens worth approximately US$1.27 billion. Most early purchases were funded by transaction fees, making repurchase levels more dependent on market activity.
Verifier supports reaching the activation threshold
AQAv2 requires validator approval before activation. The approval rating exceeded the 66.67% threshold required for web consensus, allowing Hyperliquid to launch the new framework on August 26.
Coinbase and Circle each pledged 500,000 HYPEs to support AQAv2. Circle is the issuer of USDC, while Coinbase operates one of the largest cryptocurrency exchanges in the United States. Their participation forms part of the verifier support required by the mechanism.
Market participants will now focus on the first execution of the plan on October 3. This payment will test for the first time how much USDC proceeds go into the aid fund under AQAv2, and how many HYPE tokens the fund removes from circulation during each cycle.
The new structure also separates some of Hyperliquid's token needs from daily transaction conditions. As long as USDC balances remain on the platform in the coming months, reserve earnings will continue to fund purchases even if fee revenue slows.
