The HYPE token surged after Coinbase and Circle committed to Hyperliquid’s AQAv2 upgrade, aligning USDC with the protocol’s yield-sharing framework.
HYPE rallied after the May 14 announcement, reaching roughly $45. The upgrade positions Coinbase as the official USDC treasury deployer on Hyperliquid while Circle manages technical deployment and cross-chain infrastructure through CCTP. The vast majority of reserve-yield revenue from USDC now flows back to the protocol, following the model first established by Native Markets’ USDH token.
