YA
Yaugourt argues Hyperliquid's shift to Coinbase-deployed USDC under AQAv2 is the most important move in the protocol's history. The $4.7B stablecoin base now generates $160M+ annually in treasury yield (90% shared with the protocol via buybacks), versus $100M USDH's fraction of that—proving the AQA model works at scale. USDH was leverage to force incumbents to the table; now Coinbase and Circle are structurally aligned through HYPE staking, eliminating liquidity fragmentation while giving Hyperliquid a regulatory shield through the largest US crypto lobbying power.