# Canonical: https://www.uddalak.xyz/hyperliquid-academy/article/145-stablecoin-reserve-yield-hyperliquid
# Author: Uddalak Das
# Last source: https://www.uddalak.xyz/hyperliquid-academy/article/145-stablecoin-reserve-yield-hyperliquid

---
title: "How Stablecoin Reserve Yield Flows Back to Hyperliquid"
description: "How AQAv2 routes roughly 90% of cost-adjusted reserve yield from aligned USDC supply to Hyperliquid's Assistance Fund."
pillar: "Stablecoins & Quote Assets"
track: "Stablecoins & Quote Assets"
cluster: "Stablecoins & Quote Assets"
level: "Advanced"
primary_icp: ["institutional decision-maker", "DeFi-native user"]
secondary_icp: ["token researcher"]
content_type: "mechanism"
reading_time: "4 min"
last_reviewed: "2026-09-10"
last_verified: "2026-09-10"
volatile: true
prerequisites: ["141-what-are-aligned-quote-assets"]
related: ["160-stablecoin-economics-protocol-revenue-and-hype", "157-stablecoin-fragmentation-liquidity-hyperliquid"]
---

# How Stablecoin Reserve Yield Flows Back to Hyperliquid

Fiat-backed stablecoins can earn income on reserve assets such as cash and short-duration U.S. Treasuries. AQAv2 turns part of that reserve income into a protocol revenue stream tied to stablecoin balances rather than trading volume alone.

## AQAv2 routes most cost-adjusted reserve yield to the protocol

Hyperliquid's AQAv2 documentation says stablecoin deployers share approximately 90% of cost-adjusted reserve yield on their Hyperliquid supply with the protocol. The treasury deployer designates a treasury address that shares 100% of the AQA rate, an onchain cost-adjusted reference-rate oracle, with the protocol.

This is different from AQAv1, which routed 50% of the AQA rate to the protocol.

## Revenue accrues in 30-day intervals

AQAv2 calculates reserve-yield obligations over 30-day intervals. The system sends the resulting amount to the Assistance Fund eight days after each interval completes.

For USDC, Hyperliquid said AQAv2 yield accrual began on August 26, 2026. Based on the announced grace period and interval timing, the first payment is scheduled for October 3, 2026.

## Balance matters more than turnover

Reserve economics scale with the amount of aligned stablecoin supply, prevailing reference rates, and time. A token can therefore contribute reserve-yield revenue while sitting as collateral, even if it does not trade during every block.

That makes this revenue source economically different from maker and taker fees, which depend on trading activity.

## This is not user lending yield

USDC holders do not automatically receive this reserve yield. AQAv2 describes a stablecoin-deployer-to-protocol flow. Lending rates paid to users on HyperCore or HyperEVM come from separate credit-market mechanisms.

For the broader token-economic implications, read [Stablecoin Economics, Protocol Revenue, and HYPE](/hyperliquid-academy/article/160-stablecoin-economics-protocol-revenue-and-hype).

## Sources

- https://hyperliquid.gitbook.io/hyperliquid-docs/hypercore/aligned-quote-assets
- https://t.me/s/hyperliquid_announcements/550