AQAv2 spec

Based on user and deployer feedback, the Aligned Quote Asset v2 (AQAv2) spec extends the designation of “aligned quote asset” to stablecoins that are not exclusive to Hyperliquid. Under AQAv2, stablecoin deployers share the vast majority of reserve yield revenue on their Hyperliquid supply with the protocol.

AQAv2 introduces two roles: a technical deployer and a treasury deployer. The treasury deployer designates a treasury address that shares 100% of the AQA rate, the cost-adjusted onchain reference rate oracle, with the protocol. This is twice the revenue share of the original AQA spec. The treasury deployer stakes 500k HYPE, which is slashable if the treasury address does not maintain sufficient balance for onchain revenue to be deducted. The technical deployer also stakes 500k HYPE and is responsible for reliable mint, redemption, and cross-chain transfer infrastructure for the aligned quote asset. The linked HyperEVM contract that connects to HyperCore rebalances with the treasury address. The HyperEVM balance corresponding to minted HyperCore tokens is held in a 9:1 ratio between the treasury address and the technical deployer's linked EVM contract address.

USDC

Coinbase activated AQAv2 on USDC as the treasury deployer, with Circle serving as the technical deployer responsible for CCTP and native cross-chain infrastructure. Both staked 500k HYPE to activate AQAv2. With Coinbase sharing the vast majority of reserve yield revenue with the protocol, USDC will become the most aligned stablecoin on Hyperliquid. User and builder feedback has been consistent: fragmentation leads to a degraded experience. The community no longer needs to choose between liquidity and protocol alignment.