AQAv2 could turn $HYPE’s USDC reserves into a major new buyback engine. Thesis: Hyperliquid is putting AQAv2 (Aligned Quote Asset v2) into operation, turning USDC held on Hyperliquid into a new source of revenue for $HYPE. Yield accumulation starts on 26/8/2026, with the first payment to the Assistance Fund expected on 3/10/2026. In simple terms, an Aligned Asset is a stablecoin placed into Hyperliquid’s reserve-management mechanism to support liquidity/trading while generating yield from reserves. The key change with AQAv2: this is no longer limited to Hyperliquid’s ecosystem stablecoin, USDH. Circle’s USDC becomes an aligned quote asset, with Coinbase handling treasury deployment and Circle supporting the technical side. There are currently ~$5–6B of USDC on Hyperliquid. Those reserves generate yield, currently around 3.5–4% annually. Under AQAv2, ~90% of the cost-adjusted reserve yield is shared back with Hyperliquid. At the current scale, that implies ~$140–160M/year, with more optimistic estimates reaching ~$200M/year if USDC balances and rates remain favorable. Consequence: The yield flows into the Assistance Fund, which uses the funds to buy HYPE on the market and permanently burn it. At $140–160M/year, AQAv2 could add roughly $11.7–13.3M in monthly HYPE buybacks—before any upside from further USDC growth. Previously, HYPE buybacks were primarily dependent on trading volume. AQAv2 adds a second revenue source tied to USDC reserve yield: More USDC on Hyperliquid → more yield → more capital for buybacks. Higher rates → more yield → more capital for buybacks. Could AQAv2 become one of the biggest structural drivers of HYPE buybacks beyond trading volume?