Hyperliquid just pulled off something that most DeFi protocols only daydream about. The perpetual futures exchange negotiated a deal to receive up to 90% of the reserve yield generated by USDC sitting on its platform, with that revenue flowing directly into buybacks of its native HYPE token.
The arrangement, called “Aligned Quote Asset v2” (AQAv2), effectively redirects stablecoin income that would normally stay in Circle’s and Coinbase’s pockets.
How the deal works
When USDC exists, it’s backed by reserves, mostly short-term US Treasuries and cash equivalents. Those reserves generate yield. Historically, Circle and its distribution partner Coinbase have kept that yield as their primary revenue stream.
Under the AQAv2 structure, Hyperliquid captures up to 90% of that reserve income on USDC held within its ecosystem. With roughly $5 billion to $5.5 billion of USDC on the platform, that translates to approximately $135 million to $160 million in annual buyback fuel at current interest rates. If USDC balances grow, estimates suggest that figure could climb to $300 million to $500 million annually.
