Hyperliquid (HYPE) Price: New Buyback Mechanism Pushes Token Toward All-Time High

TLDR

• Hyperliquid activated its AQAv2 framework on August 26, directing 90% of USDC reserve yields to buy back and burn HYPE tokens.
• Coinbase and Circle serve as treasury and technical deployers; first payout is scheduled for October 3.
• Annual buyback contributions are estimated between $135M–$200M, with an initial allocation of ~$20M.
• HYPE price rose over 2% following the activation, trading near its all-time high of $83.27.
• Wintermute cut its HYPE short position from $211.53M to $80.48M, according to Onchain Lens.

Hyperliquid officially activated its Aligned Quote Asset v2 (AQAv2) framework on August 26, 2026. The system directs 90% of yields generated from USDC reserves into its Assistance Fund, which uses the money to buy back and burn HYPE tokens.

Hyperliquid Turns $USDC Yield Into hyperliquid:native Deflation

Starting today, @HyperliquidX begins accruing revenue from USDC reserves through AQAv2.

The key mechanism:
• Stablecoin reserve revenue is shared with Hyperliquid
• Around 90% of reserve revenue after operating… pic.twitter.com/fWFkuzUTVq

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