Hyperliquid AQAv2 First Allocation Could Repurchase Approximately $20 Million Worth of HYPE

The first revenue from Hyperliquid's AQAv2 mechanism is expected to enter the Hyperliquid Assistance Fund on October 3, with market estimates suggesting the initial allocation could reach approximately $20 million, which would be used to repurchase HYPE. AQAv2 (Aligned Quote Asset v2) is a stablecoin mechanism announced by Hyperliquid in May this year, allowing stablecoins not exclusively issued by Hyperliquid, including USDC, to qualify for "Aligned" status. According to public information, AQAv2 returns the majority of stablecoin revenue to the Hyperliquid ecosystem, with 90% of the revenue allocated to the relevant mechanism, which is then 100% used to repurchase and burn HYPE tokens. Coinbase has been designated as the fund deployment party, with Circle handling technical deployment, and both parties will also stake HYPE to participate in the mechanism. Analysts expect the mechanism could generate approximately $135 million to $160 million in annual HYPE repurchase pressure.