Hyperliquid is about to make its first yield payment under the AQAv2 framework, with approximately $14.58 million in USDC pending transfer to the Assistance Fund for HYPE token buybacks and burns. Under this framework, about 90% of net yield generated on Hyperliquid’s USDC reserves, currently estimated between $5 and $6.7 billion, flows to the fund. At prevailing yields of around 3%, this translates to projected annual buyback funding of $135-200 million from reserves alone. Combined with trading fees generating approximately $771 million annually, total annual buyback capacity is estimated to exceed $900 million. Coinbase and Circle serve as USDC deployment partners, and the framework was approved by 69.08% of validators in June 2026.
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