PANews reported on June 12 that HyperLiquid announced an upgrade to the AQAv2 mechanism. The system will dynamically and automatically maintain a 1:9 USDC balance between the contract address and the treasury address in each HyperEVM block through automated on-chain transactions. According to the official description, the system is executed automatically by on-chain transactions without manual intervention. Circle is responsible for the technical deployment, while Coinbase is responsible for treasury deployment and management.
Regarding the yield mechanism, AQAv2 stipulates that stablecoin issuers must distribute approximately 90% of their cost-adjusted reserve yields generated within the Hyperliquid system to the protocol partners. Yields are accumulated over a 30-day period and automatically transferred to the Assistance Fund on the 8th day after the end of the period. Furthermore, this mechanism includes an implementation transition period, with yield accrual starting on August 26th and the first yield payment on October 3rd.
