Hyperliquid has activated AQAv2, a mechanism that directs roughly 90% of USDC reserve yield from the platform into HYPE token buybacks and burns. With USDC balances exceeding $5 billion and an approximate 3% yield rate, annualized revenue is estimated between $135M and $200M. The first payout is scheduled for October 3, giving the market about five weeks to digest what amounts to a structural shift in how the protocol manages its treasury. Coinbase and Circle each staked 500K HYPE to support AQAv2 activation, lending significant institutional credibility to the mechanism.
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