HYPE jumps as Coinbase and Circle back Hyperliquid’s stablecoin model
CryptoSlate
Coinbase and Circle’s support for Hyperliquid’s AQAv2 upgrade, featuring a protocol-aligned USDC model, caused a significant surge in HYPE token prices.Summary
The HYPE token surged following the announcement that Coinbase and Circle will support Hyperliquid’s AQAv2 upgrade. This transition establishes USDC as the platform’s primary quote asset, incorporating a revenue-sharing model where the majority of reserve-yield income is redirected to the protocol. By adopting the "protocol-aligned" stablecoin framework previously pioneered by Native Markets’ USDH, Hyperliquid has successfully incentivized institutional partners to share reserve economics. While the move provides deeper liquidity and a recurring revenue stream, it also increases Hyperliquid’s dependence on Coinbase and Circle, necessitating a transition for users holding the sunsetting USDH stablecoin.
(Source：CryptoSlate)