Hyperliquid to Receive First AQAv2 Reserve Yield Payout of $14.5M for HYPE Buybacks

The notable shift here is structural rather than directional: protocol-held stablecoin reserves are being converted into a recurring, programmatic bid for the native token, which ties buyback activity to treasury yield instead of discretionary spending. That matters most for HYPE holders and for how other protocols with idle stablecoin treasuries may frame similar mechanisms. Whether this distribution proves repeatable — and whether the resulting buybacks are large enough to register against broader flows — is the open question.