Hyperliquid received its first AQAv2 payment: $14.58M in USDC for 30 days of reserve yield. It goes to the Assistance Fund, which buys HYPE.

AQAv2 went live on August 26. Circle deploys USDC on Hyperliquid, Coinbase manages the reserves, and about 90% of the cost-adjusted yield on that USDC is shared with the protocol in 30-day cycles. The Assistance Fund then buys HYPE on the market and burns it.

That gives buybacks a source beyond trading fees. At this pace it adds roughly $175M a year, though the amount moves with USDC supply and interest rates.

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