Circle has made the single largest USDC transfer ever on HyperEVM, following the validator approval of Hyperliquid’s much-awaited AQAv2 protocol.
Earlier today, Circle moved approximately $4.4 billion in USDC to Coinbase via AQAv2, Arkham data shows.
Both Circle and Coinbase partnered with Hyperliquid in May for the implementation of AQAv2, with Coinbase serving as the treasury deployer to make USDC “the most aligned stablecoin on Hyperliquid.”
AQAv2 is a framework aimed at aligning stablecoins, such as USDC, which are not exclusive to the Hyperliquid protocol. Stablecoins issued under AQAv2 will be designated as “aligned quote assets,” meaning they will become the default quote assets against HIP-4 and validator-operated perp markets on a future network upgrade.
In return, stablecoin deployers will share approximately 90% of the cost-adjusted reserve yield revenue from their Hyperliquid supply with the protocol, which is used to buy back more HYPE tokens from the market.
AQAv2 passes validator vote
The final step of AQAv2 implementation has just been completed, with 19 out of 26 validators (69.08%) voting YES to approve the stablecoin model.
The official announcement has been made, and the vote to activate AQAv2 has passed.
Starting October 3, the Assistance Fund will begin buying hyperliquid:native using revenue generated from ethereum:0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48 on Hyperliquid.… pic.twitter.com/PWKF6s2AGO
— Hyperliquid News (@HyperliquidNews) June 12, 2026
AQAv2 reserve yield revenue will accrue in a 30-day interval, starting August 26 and ending October 3. The payment will automatically be sent to Hyperliquid’s Assistance Fund 8 days after each 30-day period, which goes back to buying more HYPE tokens off the market.
There are reportedly over $5 billion in USDC on Hyperliquid. The supply is expected to generate up to $200 million in additional revenue to the network with AQAv2 implementation. The revenue grows higher as more USDC are deployed.
At the time of writing, HYPE was trading at $59.55, up nearly 4% on the 24-hour timeframe.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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