Hyperliquid’s AQAv2 Is Turning USDC Yield Into HYPE Buybacks

Hyperliquid has activated AQAv2, a mechanism designed to route yield from billions in USDC reserves into automatic buybacks and burns of its HYPE token. The framework, approved by validators with 69.08% support, aims to enhance the token's value by using generated yield to reduce supply, with Circle and Coinbase providing infrastructure.