Hyperliquid AQAv2 Mechanism Launches on August 26, Expected to Contribute $200 Million Annually for HYPE Buybacks

The Hyperliquid AQAv2 stablecoin model protocol will officially launch its revenue accrual on August 26, with an expected annual contribution of $200 million for the buyback of HYPE tokens. Previously, AQAv2 had received support from 19 out of 26 validators. Circle transferred approximately $4.4 billion USDC to Coinbase through the AQAv2 mechanism on HyperEVM, setting a record for the largest single USDC transfer. AQAv2 allows non-exclusive stablecoins, including USDC, to qualify as "Aligned," with the majority of the revenue being returned to the Hyperliquid ecosystem, where 90% of the revenue is allocated to the relevant mechanisms, and 100% is used for the buyback and destruction of HYPE tokens. Coinbase has been designated as the fund deployment party, while Circle is responsible for the technical deployment, with both parties staking HYPE to participate in the mechanism. AQAv2 removes the restriction that stablecoins must be exclusive assets of Hyperliquid, focusing on the HIP-4 standardized market and the perpetual contract market operated by validators.

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