HYPE jumps as Coinbase and Circle back Hyperliquid’s stablecoin model

Coinbase and Circle’s commitment to Hyperliquid’s AQAv2 upgrade sent HYPE up to roughly $45 on May 14, a deal that makes USDC the platform’s aligned quote asset and directs the vast majority of reserve-yield revenue back to the protocol. The rally reflected traders reading the announcement as institutional validation of the protocol-aligned stablecoin model pioneered by Native Markets‘ USDH on Hyperliquid. Under AQAv…