Since August 26, Hyperliquid has activated AQAv2 (Aligned Quote Asset v2)—a mechanism that directs revenue from USDC reserves toward programmatic buybacks and the permanent burning of HYPE tokens.
About 90% of reserve yields will be transferred to the protocol and deposited into the Assistance Fund every 30 days for HYPE buybacks. The technical deployer is Circle, while Coinbase handles treasury management.
Yields begin accumulating from August 26, and the first fund transfer and HYPE buyback are scheduled for October 3.
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