USDC Reserves Are Now Fueling hyperliquid:native Buybacks .@HyperliquidX received its first $14.58M $USDC payment through its AQAv2 mechanism, creating a new source of revenue beyond trading fees. The key part: • Users bridge USDC → Circle mints USDC on HyperEVM • Hyperliquid earns fees on the USDC reserves, even when they are not being traded • The first 30-day payment was $14.58M, implying roughly $193M annualized at the current scale • Revenue goes to the Assistance Fund, which is used to buy hyperliquid:native This means Hyperliquid can now monetize not only trading activity, but also the capital sitting on the platform. AQAv2 adds another flywheel for hyperliquid:native: more USDC reserves → more reserve income → more hyperliquid:native bought by the Assistance Fund → stronger value capture for the token.