Coinbase is now Hyperliquid’s official USDC treasury deployer, activating AQAv2 to boost protocol revenue and support daily HYPE buybacks.
Coinbase has officially stepped in as the treasury deployer for Hyperliquid’s USDC wallet. The exchange confirmed the activation of AQAv2 from two on-chain addresses. This marks a major shift in how Hyperliquid manages its stablecoin reserves.
Circle takes on the role of technical deployer, handling CCTP and native cross-chain infrastructure. Together, the two firms bring a new layer of institutional alignment to the protocol.
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HYPE Valuation Model Uses Revenue Buybacks and Onchain Cash Flow
Coinbase and Circle Back Hyperliquid’s AQAv2 Framework
Hyperliquid shared the details of the arrangement last month. According to the project, both Coinbase and Circle committed to staking HYPE to activate AQAv2.
Coinbase staked at least 500,000 HYPE as part of the agreement. The exchange will also share the vast majority of reserve yield revenue directly with the protocol.
Under this setup, Hyperliquid channels roughly 90% of yields from its $6 billion USDC platform holdings toward HYPE buybacks and burns. That translates to an estimated $135 to $200 million in annual yield.
Daily buybacks could range between $370,000 and $550,000 worth of HYPE. Hyperliquid projects the upgrade will boost protocol revenue by around $160 million per year.
Hyperliquid also noted that Native Markets agreed to terms granting Coinbase the right to purchase the USDH brand assets.
The project credited Native Markets for pioneering the mechanics that made AQAv2 possible. Those learnings, it said, will carry forward into the new framework.
Coinbase is now the official deployer of @HyperliquidX's USDC treasury wallet.
We will be activating AQAv2 from the two addresses below:
0x4E5319dEb1072B01439EE674db5C321d11fd96F8
0xc20699185c15D0a2fD65779BB5d69f5b0B113c00 https://t.co/rXvkrtQ4ai
— Coinbase 🛡️ (@coinbase) June 8, 2026
USDC Becomes the Primary Quote Asset on Hyperliquid
With Coinbase sharing most reserve yields with the protocol, Hyperliquid said USDC will become the most aligned stablecoin on its platform.
A future network upgrade will move canonical HIP-4 markets to use USDC as the quote asset. The project cited consistent user and builder feedback that fragmentation hurts the overall experience.
USDH markets remain functional but will phase out over time. Hyperliquid confirmed that USDH stays fully backed during the transition.
Users can convert USDH to USDC or fiat without fees. The Hyper Foundation also announced grants for eligible HIP-3 and HIP-1 deployers, as well as builders who previously integrated USDH.
Coinbase has announced its plan to activate AQAv2 on USDC as the treasury deployer, with Circle serving as the technical deployer responsible for CCTP and native cross-chain infrastructure. Both Coinbase and Circle have committed to stake HYPE to activate AQAv2. As part of this…
— Hyperliquid (@HyperliquidX) May 14, 2026
HYPE Price Reacts After Treasury Upgrade News
HYPE is trading at $63.71 at the time of writing. The token recorded an 8.28% gain over the past 24 hours, with a trading volume of $941 million. However, the asset is still down 10.99% over the past seven days.
Analyst Tony Research flagged the recent dip into the $56 to $60 range as a correction. He pointed to an inverted head and shoulders pattern forming after the 0.5 Fibonacci level test.
His current targets sit in the $65 to $70 range. He also warned of a possible further drop to $38 to $48, suggesting spot entries closer to $48.
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