Odaily Planet Daily reports that HyperLiquid has upgraded to the AQAv2 mechanism, under which the system will maintain a dynamic 1:9 balance of USDC in two core addresses within each HyperEVM block through on-chain automated trading, corresponding to the contract execution layer and treasury reserve layer, respectively.
According to the mechanism design, this ratio is used to create functional stratification between "high-frequency trading and clearing liquidity" and "long-term reserves and yield pools," enhancing system stability and isolating trading risks.
On a technical level, this balancing process is automatically executed by system transactions without human intervention. Circle is responsible for the technical deployment, while Coinbase handles the treasury deployment and management.
Regarding the revenue mechanism, AQAv2 requires stablecoin issuers to distribute approximately 90% of their cost-adjusted reserve earnings generated within the Hyperliquid ecosystem to the protocol, with cumulative settlements on a 30-day cycle. The earnings will be automatically transferred to the Assistance Fund on the 8th day after the end of each cycle.
In addition, this mechanism includes a transitional arrangement:
1. Yield accrual begins: August 26;
2. First yield payment: October 3.
The market views this design as a shift in stablecoins from traditional custodial structures toward an on-chain infrastructure model characterized by "protocolized fund stratification and automated yield distribution."