# Canonical: https://www.uddalak.xyz/hyperliquid-academy/article/141-what-are-aligned-quote-assets
# Author: Uddalak Das
# Last source: https://www.uddalak.xyz/hyperliquid-academy/article/141-what-are-aligned-quote-assets

---
title: "What Are Aligned Quote Assets on Hyperliquid?"
description: "Aligned Quote Assets connect stablecoin infrastructure and reserve economics to Hyperliquid. AQAv2 is the current framework used by USDC."
pillar: "Stablecoins & Quote Assets"
track: "Stablecoins & Quote Assets"
cluster: "Stablecoins & Quote Assets"
level: "Intermediate"
primary_icp: ["DeFi-native user", "builder"]
secondary_icp: ["institutional decision-maker"]
content_type: "concept"
reading_time: "4 min"
last_reviewed: "2026-09-10"
last_verified: "2026-09-10"
volatile: true
prerequisites: ["24-hip-1-native-token-standard"]
related: ["142-why-usdc-became-hyperliquids-aligned-quote-asset", "148-aligned-vs-permissionless-quote-assets"]
---

# What Are Aligned Quote Assets on Hyperliquid?

Hyperliquid's Aligned Quote Asset framework lets stablecoin deployers share reserve economics with the protocol while supplying quote and collateral infrastructure. The current specification is AQAv2, which is active for USDC with Coinbase as treasury deployer and Circle as technical deployer.

## AQAv2 changes the model

Under AQAv2, the protocol receives approximately 90% of cost-adjusted reserve yield generated by the stablecoin supply on Hyperliquid. The treasury deployer designates the treasury address and shares 100% of the onchain AQA reference rate with the protocol. The technical deployer is responsible for reliable minting, redemption, and crosschain transfer infrastructure.

Each deployer must stake 500,000 HYPE. Activation requires validator approval after both deployers have staked and submitted the required authorization transactions.

AQAv2 does not provide a trading-fee or fee-tier volume benefit. The 20% lower taker fee, 50% larger maker rebate, and 20% extra volume contribution belong to the older AQAv1 specification.

## Why the distinction matters

AQAv1 and AQAv2 optimize for different forms of alignment. AQAv1 used trading incentives plus reserve sharing. AQAv2 focuses on reserve economics, operational responsibility, and eligibility for specific protocol markets.

The AQAv2 specification says it will be required for quote assets used by HIP-4 and validator-operated perpetual markets on a future network upgrade. Other quote assets remain supported for spot and HIP-3 markets.

## USDC is the live example

USDC's AQAv2 deployment uses Circle as technical deployer and Coinbase as treasury deployer. Hyperliquid has stated that AQAv2 yield accrual for USDC began on August 26, 2026, with the first 30-day-cycle payment scheduled for October 3, 2026.

For a direct comparison with normal quote tokens, read [Aligned vs Permissionless Quote Assets](/hyperliquid-academy/article/148-aligned-vs-permissionless-quote-assets).

## Sources

- https://hyperliquid.gitbook.io/hyperliquid-docs/hypercore/aligned-quote-assets
- https://t.me/s/hyperliquid_announcements/550
- https://www.coinbase.com/blog/coinbase-and-hyperliquid-aligning-markets-on-hyperliquid-to-usdc
- https://www.circle.com/blog/circle-expands-support-for-usdc-on-hyperliquid