USDC

Hyperliquid

2026-10-04 03:44:03

Hans says Hyperliquid’s AQAv2 has opened a new revenue stream

Hyperdash co-founder Hans said Hyperliquid’s AQAv2 mechanism has started generating a new source of revenue beyond trading fees. The AQAv2 treasury wallet has completed its first payment, paying $14.58 million for the USDC reserves held by the trading platform over the past 30 days, with the proceeds set to flow into an assistance fund used to buy HYPE. Under the mechanism, when users bridge USDC to Hyperliquid, Circle mints the corresponding assets on HyperEVM, charges the treasury balance daily, and settles every 30 days. Coinbase and Circle have each staked 500,000 HYPE, while a missed payment could cost Coinbase 2% of its staked amount per day. Hans said Hyperliquid previously relied mainly on trading fees, but AQAv2 allows the platform to earn from margin deposits themselves, whether or not those funds are actively traded. Based on the first payment period and current scale, he estimated implied annualized AQAv2 revenue at about $193 million.

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Hyperliquid

2026-10-04 03:43:01

Hyperliquid books first $14.58 million in USDC reserve revenue under AQAv2

Hyperliquid has recorded its first payment tied to USDC reserves under its AQAv2 mechanism, according to a post by Hyperdash co-founder Hans. On Oct. 3, the AQAv2 treasury wallet received $14.58 million for the platform’s USDC reserves held over the previous 30 days, with the proceeds set to flow into the assistance fund for HYPE purchases. Hans said the structure creates a new revenue stream beyond trading fees, allowing the platform to earn from margin deposits themselves whether or not the funds are actively used in trading. Under the setup, users bridge USDC to Hyperliquid, Circle mints the corresponding asset on HyperEVM, and the treasury balance is charged daily and settled every 30 days. Coinbase and Circle have each staked 500,000 HYPE, while a missed payment could cost Coinbase 2% of its staked amount per day. The first payment covered Aug. 26 to Sept. 24, implying an average rate of about 3.14% and annualized revenue of roughly $193 million at the current scale. Hans also said Hyperliquid’s open interest rose from $7.72 billion to $16.4 billion between Jan. 1 and Sept. 30, while platform margin increased from $4.34 billion to $7.22 billion.

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SlowMist

2026-10-04 01:59:40

SlowMist says Goldpesa exploit caused about $114,900 in losses

SlowMist said Goldpesa was exploited, with losses estimated at about $114,900. According to the security firm, the root cause was in GPXHooks' reBalance() logic. When it performed liquidity operations through a shared PositionManager, it failed to verify whether the GPX/USDC currency delta was zero, leaving the hook's burn credit unisolated from the caller's state. SlowMist said the attacker used an unlock action together with an unsettled MINT_POSITION operation to create a negative delta, then triggered rebalance so the hook generated positive credit. Because TAKE_PAIR could only withdraw the net amount, the hook actually received only about 33,900 USDC, while the difference was offset by what SlowMist described as phantom debt. The attacker then burned their own position, canceled out the debt, and withdrew about 115,000 USDC from PoolManager.

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Circle

2026-10-03 14:16:38

Circle asks EU to revise MiCA rules for offshore stablecoins and drop bank deposit reserve requirement

Circle, the issuer of USDC, has submitted recommendations to the European Commission calling for changes to the Markets in Crypto-Assets regulation, or MiCA, as it applies to stablecoins issued outside the European Union. The company said the framework should include a recognition mechanism for foreign issuers rather than rely solely on the current structure. Under Circle’s proposal, oversight of offshore stablecoin issuers would remain primarily with regulators in the issuer’s home jurisdiction. Once equivalence is recognized by relevant parties and the European Banking Authority, or EBA, distribution inside the EU would be handled by locally licensed entities. Circle said the same mechanism should also allow euro-denominated stablecoins to circulate in jurisdictions outside the bloc. Circle also called for the removal of MiCA’s requirement that electronic money token issuers place 30% of reserve assets with commercial banks. For “significant” electronic money tokens, the ratio is 60%. The company argued that the requirement increases exposure to banking-sector credit risk and counterparty risk. The development was reported by Bitcoin.com News.

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Stablecoins

2026-10-03 08:36:07

IOSG says stablecoin profits are shifting from issuance to distribution

IOSG researcher Darko argues that the most important question in stablecoins is no longer who issues them, but who controls distribution. In a long-form analysis reposted by WuBlockchain, the paper says stablecoin economics are built on reserve income, yet the right to keep that income is increasingly determined by wallets, exchanges, brokerages, payment networks and other user-facing channels. The article links that shift to the regulatory and market backdrop now forming in the U.S. It cites the GENIUS Act, effective July 18, 2025, as the first federal framework for payment stablecoins, then points to OCC actions involving Circle, Ripple and Paxos, as well as the launch of Open USD in June 2026 with more than 140 participants including Visa and Mastercard. Stablecoins, the piece says, did not suddenly improve at the technical level; large institutions finally understood what they can do. The report also argues that headline transaction volumes overstate real-world usage, that reserve-based issuer profits are highly sensitive to falling rates, and that the strongest signal in the market may be Circle’s unchanged renewal terms with Coinbase through 2029. Its conclusion is straightforward: issuance may become standardized, but distribution, customer ownership and access points are where pricing power is likely to remain.

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Arrakis Finan

2026-10-03 14:20:54

Arrakis study finds crypto-native treasuries drove most identifiable demand for tokenized dollar yield products

Arrakis Finance has published a study tracking on-chain purchases across 10 tokenized dollar yield products, using Ethena’s sUSDe as a benchmark. The dataset covered 71,697 buyers and $91.3 billion in total purchase volume. Within $12.4 billion of demand that could be classified, roughly two-thirds came from protocol and DAO treasuries, while the rest was attributed to individuals, exchanges, market makers, and crypto funds. The study said it did not find purchases that could be clearly traced to traditional financial institutions such as pension funds, asset managers, or banks. Buyer concentration was also pronounced: wallets making purchases of at least $1 million represented about 4% of buyers but held around 93% of the capital, and 2,586 buyers accounted for more than 90% of notional purchase volume. USDC was the dominant settlement asset, primary subscriptions were the main access route, and only sUSDe showed a majority of acquisitions through decentralized exchanges.

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Aave

2026-10-03 09:50:17

Aave deposits hit $1 billion as AAVE gains 20% over the week

Techub, citing BeInCrypto, reported that Aave’s AAVE token rose 20% over the past week even as the total crypto market capitalization slipped 0.30%. The report said the move was mainly driven by Aave protocol user deposits reaching the $1 billion mark. It also noted that Aave V4 went live in September on Arc and Base. On Base, its Stock Center allows eligible non-U.S. users to borrow USDC against seven tokenized Coinbase equities used as collateral. The update links Aave’s token performance to protocol growth and adds detail on the product rollout across the two networks.

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Hyperliquid

2026-10-03 09:28:32

Hyperliquid receives 15 million USDC for HYPE buyback plan

Hyperliquid has received 15 million USDC, with the funds earmarked specifically for a buyback program tied to the HYPE token. The update was reported by Techub News and cited Crypto Briefing. Separately, Hyperliquid’s policy committee had earlier submitted feedback to the European Union on the evolution of the Markets in Crypto-Assets regulation, or MiCA. The committee also urged regulators to bring on-chain perpetual contracts within the scope of the MiFID II framework. The report links the funding update with Hyperliquid’s recent regulatory outreach in Europe, while stopping short of giving more detail on the source of the USDC or the mechanics of the buyback.

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