Circle and Coinbase will handle deployment and treasury management, while about 90% of cost-adjusted reserve income on Hyperliquid starts accruing on August 26 for first payment on October 3.
HyperLiquid said it has upgraded to the AQAv2 mechanism, which uses automated on-chain transactions to maintain USDC balances across two core addresses at a dynamic 1:9 ratio in each HyperEVM block. The setup is designed to separate contract execution from treasury reserve layers. Circle is responsible for technical deployment, while Coinbase will manage treasury deployment and management. Under the arrangement, about 90% of cost-adjusted reserve income generated by the stablecoin issuer within Hyperliquid will be distributed to the protocol in 30-day cycles, with accrual beginning August 26 and the first payment scheduled for October 3.