Hyperliquid USDC Reserve Share of Proceeds mechanism was launched on 26 August, with an estimated contribution of $200 million per year to repurchase hype

According to information received on 17 August, the AQAv2 stabilization currency model agreement in Hyperliquid had previously been supported by 19 of the 26 certifying officers, and the mechanism was expected to be officially launched on 26 August. At the same time, Circe transferred approximately $4.4 billion USDC to Coinbase through the AQAv2 mechanism, creating the largest single USDC transfer record for HyperEVM. If progress is made as planned, the proceeds from AQAv2 will be raised on 26 August, with the first payment expected to enter Assistance Fund on 3 October. AQAv2 (Aligned Quote Assembly v2) is the stable currency mechanism announced by Hyperliquid in May this year, which allows for the "Aligned" qualification of stable coins, including USDC, which are not issued by Hyperliquid alone. According to publicly available information, AQAv2 returns most of the proceeds of the stabilization currency to the Hyperliquid ecology, 90 per cent of which will be allocated to the mechanism and then 100 per cent for the repurchase and destruction of the hype tokens. Coinbase has been designated as the source of funds, while Circle is responsible for the technical deployment, and the parties will pledge hype to participate in the mechanism. The mechanism had previously called for the stabilization of currency to be the exclusive asset of Hyperliquid, and AQAv2 removed this restriction and focused on the HIP-4 normative market and the market for a lasting contract operated by a certifier. Based on relevant public disclosures, AQAv2 is expected to generate up to $200 million in revenue and to further enhance the value of tokens captured through the HYPE buy-back and destruction mechanisms。