Hyperliquid negotiated to capture 90% of Circle's USDC reserve yield, potentially directing $135M-$160M annually into HYPE token buybacks via its AQAv2 deal.

The revenue share deal could shift an estimated $160 million in revenue from Coinbase and Circle into Hyperliquid's ecosystem, Compass Point analysts said.

Hyperliquid negotiated to capture 90% of Circle's USDC reserve yield, potentially directing $135M-$160M annually into HYPE token buybacks via its AQAv2 deal.