Petro D. | Research 🔜 token2049🇸🇬Update

@PDmytriiev

In this clip Jeff Yan is talking about USDH, but he is describing the exact mechanism that just paid Hyperliquid $14.58M from $USDC. The interview is from February, before @coinbase and @circle brought USDC onto the same framework. The idea did not change: an aligned stablecoin shares the yield on its reserves with the protocol, so $HYPE holders earn as that stablecoin grows on @HyperliquidX. What changed since → USDH is wound down. $USDC is the aligned stablecoin under AQAv2, with Coinbase as treasury deployer and Circle running the infrastructure.
→ The share went up. Coinbase pays the full AQA rate on the $6.05B in its treasury address, about $196M a year at 3.24%, all routed to $HYPE buybacks.
→ The lower trading fees Jeff mentions belonged to the USDH version. AQAv2 has no fee discount.

Saturday, October 3, 2026 at 04:49 PM UTC