Hyperliquid’s AQAv2 stablecoin model has secured backing from 19 of 26 validators, clearing the way for the mechanism to begin accruing yield on Aug. 26 if the rollout proceeds as planned. In parallel, Circle has transferred about $4.4 billion of USDC on HyperEVM to Coinbase through the AQAv2 mechanism, marking the largest single USDC transfer recorded on HyperEVM. Under the published framework, the first payment is expected to enter the Assistance Fund on Oct. 3. AQAv2, short for Aligned Quote Asset v2, was unveiled by Hyperliquid in May and broadens eligibility so stablecoins such as USDC do not need to be issued exclusively for Hyperliquid to gain "Aligned" status. Public disclosures show the model returns most stablecoin yield to the Hyperliquid ecosystem, with 90% of proceeds allocated to the mechanism and then fully used for HYPE token buybacks and burns. Coinbase has been designated as the capital deployment party, while Circle is responsible for technical deployment, and both will stake HYPE under the mechanism. The design is aimed mainly at HIP-4 standardized markets and validator-run perpetual futures markets. Hyperliquid’s public materials indicate AQAv2 could generate as much as about $200 million in revenue while strengthening value capture for HYPE through buybacks and token destruction.