Hyperliquid receives $14.58M USDC yield for HYPE token buybacks

Hyperliquid has initiated a new funding stream for its HYPE token buyback program through its AQAv2 mechanism. The protocol received its first reserve-yield payment of approximately $14.58 million, generated from USDC reserves. These funds are designated for the Assistance Fund, which utilizes protocol revenue to purchase HYPE on the open market and permanently remove tokens via burns.

Under the AQAv2 framework, stablecoin deployers share approximately 90% of cost-adjusted reserve yield with the protocol. Coinbase serves as the official USDC treasury deployer, while Circle acts as the technical deployer. Both entities have staked 500,000 HYPE to secure these buybacks, with provisions for daily penalties in the event of late payments.

Market data indicates that HYPE was trading at approximately $93.04 on October 5, with a market capitalization of $23.31 billion. The token has seen significant growth since its August lows, though technical analysis suggests the price is currently navigating a rising wedge pattern on daily charts.