Hyperliquid is set to begin collecting revenue through its Aligned Quote Assets v2, or AQAv2, framework on Aug. 26, opening a stablecoin-reserve income stream that will be directed entirely to HYPE token buybacks through the protocol’s Assistance Fund.
The mechanism will settle revenue in 30-day periods. Eight days after each period closes, the accrued funds will automatically move to the Assistance Fund, which uses its balance to purchase HYPE. Based on the planned schedule, the first transfer is expected on Oct. 3.
AQAv2 connects Hyperliquid’s buyback program more directly to the amount of stablecoins deployed on the network and the yield earned on their reserves. If USDC balances or reserve returns increase, the revenue available for the Assistance Fund would rise as well; falling balances or lower yields would reduce it.
Hyperliquid’s documentation describes AQAv2 as a revenue-sharing arrangement for stablecoin issuers and deployment partners. In exchange for access to the protocol’s liquidity, trading activity and distribution, participating parties share reserve income with Hyperliquid.
USDC reserve income could add about $174 million annually
Hyper Screener, a Hyperliquid data platform, showed roughly $6.57 billion in stablecoins circulating on the network, including about $6.43 billion in USDC. Using that USDC balance, a 3% annual reserve yield and a 90% revenue-sharing rate produces an estimated $173.6 million in yearly protocol revenue.
That simplified calculation works out to roughly $476,000 per day:
$6.43 billion Ă— 3% Ă— 90% Ă· 365 = approximately $476,000.
The figure is an estimate rather than a fixed commitment. It depends on the actual USDC balance held on Hyperliquid, the return generated by the assets backing USDC, operational costs covered under the agreement, and the precise revenue ultimately shared with the protocol.
Market projections cited alongside the rollout had placed AQAv2’s additional annual buyback capacity between $150 million and $200 million. The $174 million estimate sits within that range and suggests the program could become a meaningful supplement to the revenue Hyperliquid already earns from trading activity.
Hyper Screener reported $50.27 million in Hyperliquid revenue for the first 26 days of August, equal to about $1.93 million per day. On the same basis, a $476,000 daily contribution from AQAv2 would equal roughly 24.6% of that daily revenue pace.
That comparison also shows the limits of treating the mechanism as a guaranteed daily buy order of a fixed size. Funds are accumulated over a 30-day period and then transferred after the eight-day delay, rather than being spent in equal daily increments. The eventual buyback amount will reflect conditions across the completed settlement period.
AQAv2 expands Hyperliquid’s stablecoin model
The original Aligned Quote Asset program allowed selected stablecoins to operate as quote assets in Hyperliquid’s spot and perpetual markets. A quote asset is the currency used to price and settle trades, such as USDC in a BTC/USDC market.
Stablecoins accepted under the earlier framework could receive reduced fees and other incentives, but were required to be exclusive to Hyperliquid. That condition limited the pool of potential partners, since major stablecoin issuers generally seek broad distribution across multiple chains and trading venues.
AQAv2 changes that arrangement by allowing non-exclusive stablecoins to receive aligned status if their deployment parties share about 90% of cost-adjusted reserve income with Hyperliquid. The framework gives the protocol a way to monetize stablecoin balances without requiring issuers to stop operating elsewhere.
This structure places stablecoin reserve revenue alongside trading fees as a source of protocol income. For Hyperliquid, whose activity has been centered on perpetual futures trading, the model could reduce dependence on transaction volume alone. A large stablecoin balance can generate reserve income even when trading conditions are quieter, though returns would remain sensitive to interest-rate levels.
Circle and Coinbase agreed to support aligned USDC
In May, Circle and Coinbase reached an agreement to support USDC as Hyperliquid’s aligned stablecoin under the new framework. Circle is responsible for technical USDC deployment, including minting, redemption and cross-chain transfers, while Coinbase is responsible for treasury management and distributing the shared returns.
The arrangement includes safeguards intended to make the revenue commitment enforceable. Circle and Coinbase must each stake 500,000 HYPE, provide six months’ notice before leaving the arrangement, and maintain sufficient funds in designated treasury addresses.
If a treasury shortfall prevents a required revenue payment, the stake can be forfeited at a rate of 2% per day, according to the AQAv2 terms. The design gives Hyperliquid recourse if a partner fails to deliver the agreed share of reserve income.
The size of the USDC balance gives the agreement particular weight. With USDC representing nearly all stablecoins currently reported on Hyperliquid, the early performance of AQAv2 will be closely tied to Circle’s dollar-backed token rather than a diversified basket of stablecoin partners.
First settlement will test the model’s cash-flow claims
The Oct. 3 transfer should offer the first concrete measure of how AQAv2 performs in practice. It will reflect the USDC balance and reserve-income conditions during the first 30-day accrual period beginning Aug. 26, rather than a theoretical annualized calculation.
The transfer will also show how much of the quoted reserve yield remains after the “cost-adjusted” component of the agreement. That detail is central to assessing whether estimates based on headline government-bill rates accurately translate into revenue available for HYPE buybacks.
Hyperliquid has already used its Assistance Fund as a standing buyer of HYPE, but AQAv2 would add a separate funding channel tied to the stablecoins used across its markets. The program’s durability will depend less on a single settlement date than on whether Hyperliquid can retain substantial USDC balances while maintaining terms that remain attractive to its stablecoin partners.
Explore how stablecoins power ecosystems and yields in 2026 with Toobit’s deep dive on global stablecoins and on-chain finance.
Disclaimer: The content on this page is provided for general informational purposes only and does not represent the views or financial advice of Toobit. We make no guarantees regarding the accuracy or completeness of this information and shall not be held liable for any errors, omissions, or outcomes resulting from its use. Investing in digital assets involves risk; users should independently evaluate their financial situation and the risks involved. For further details, please consult our Terms of Service and Risk Disclosure.
