News linked to both this project and an event.
: HyperLiquid has announced an upgrade to the AQAv2 mechanism. The system will use on-chain automated trading to maintain a dynamic 1:9 balance of USDC between two core addresses in each HyperEVM block, corresponding to the contract execution layer and the treasury reserve layer, respectively.According to the mechanism design, this ratio is used for functional stratification between "high-frequency trading and liquidation liquidity" and "long-term reserves and yield pools," aiming to enhance system stability and isolate trading risks.On the technical side, the balancing process is executed automatically by the system without manual intervention. Circle is responsible for the technical deployment, while Coinbase undertakes the treasury deployment and management.Regarding the yield mechanism, AQAv2 stipulates that stablecoin issuers must distribute approximately 90% of their cost-adjusted reserve earnings generated within the Hyperliquid ecosystem to the protocol. Settlement occurs on a 30-day cumulative cycle, and the earnings will be automatically transferred to the Assistance Fund on the 8th day after the cycle ends.Additionally, the mechanism includes a transition period arrangement:1. Start of yield accrual: August 26;2. First yield payment: October 3.The market believes this design marks the evolution of stablecoins from traditional custody structures toward an on-chain infrastructure model characterized by "protocolized capital stratification + automated yield distribution."
Binance has released an updated Proof of Reserves, showing that asset reserves consistently exceed a 1:1 ratio to safeguard user funds. Among these, the BNB reserve ratio stands at 100.58%, the Bitcoin reserve ratio at 100.20%, and the ETH reserve ratio at 100%. The USDT reserve ratio is 103.17%.
According to an official announcement, Binance will update the collateral ratio and tiered collateral ratio for certain assets under the portfolio margin mode at 14:00 (Beijing Time) on May 29, 2026. This involves DOGE, SAHARA, SKY, 1MBABYDOGE, CTSI, and AAVE under the PMPro mode. Additionally, at 14:30 (Beijing Time) on the same day, Binance Futures will adjust the leverage and margin tiers for the following USDⓈ-M perpetual contracts: ESPORTSUSDT, SYRUPUSDT, VVVUSDT, FFUSDT, BEATUSDT, GOATUSDT, LIGHTUSDT, TAKEUSDT, NFPUSDT, PORTALUSDT, CLOUSDT, TUTUSDT, HMSTRUSDT. Existing positions will be affected, and users need to make adjustments in advance.
Binance has released its May proof of reserve update. As of May 1st, users' net BTC balance stood at 606,742.388 BTC, while Binance's wallet balance was 608,067.979 BTC, resulting in a BTC reserve ratio of 100.22%.Additionally, users' net ETH balance was 3,762,321.834 ETH, with Binance's wallet balance at 3,762,328.82 ETH, giving an ETH reserve ratio of 100%. The USDT reserve ratio was 104.27%, and the BNB reserve ratio was 101.68%.
Decentralized USDD released its April 2026 Monthly Transparency Report. The report shows that USDD’s total supply peaked at $1.558 billion in April, representing a month-on-month increase of approximately 10.87%; as of April 30, 2026, the total value of collateralized assets reached $2.16 billion, with the overall collateralization ratio maintained at 146% at month-end. Smart Allocator’s cumulative earnings surpassed $16.24 million, with approximately $2.46 million in new earnings generated during the month. Additionally, USDD further optimized its reserve composition this month by introducing the WBTC Vault, increasing the proportion of non-native collateral assets. It also launched the MCP functionality and machine-readable documentation tailored for large language models (LLMs), supporting the development of the AI Agent ecosystem. According to the official USDD team, future priorities include strengthening stability, optimizing the yield system, upgrading transparency, and expanding the ecosystem—aiming to become a trusted stablecoin infrastructure within both the AI Agent economy and decentralized finance (DeFi) use cases.
According to The Block, Julio Moreno, Research Director at on-chain analytics platform CryptoQuant, released a report on May 8 stating that Bitcoin has surged over 20% since early April, reaching a three-month high. However, the firm characterizes this rally as a “bear market bounce” and warns that profit-taking pressure may intensify further. On the data front, Bitcoin holders’ daily realized profit reached 14,600 BTC on May 4—the highest level since December 10, 2025. Meanwhile, the Short-Term Holder Spent Output Profit Ratio (STH-SOPR) has remained consistently above 1.00 since mid-April, indicating the market has entered a sustained profit-taking phase. On a 30-day rolling basis, holders’ net realized profit turned positive at +20,000 BTC—the first time since December 22, 2025—after net losses plunged as deep as -398,000 BTC between February and March. Nonetheless, Moreno notes that the current net profit level of +20,000 BTC remains far below the historical 130,000–200,000 BTC threshold typically required to confirm a bull market transition, reinforcing the view that this is a “bear market bounce” rather than a structural trend reversal. Additionally, the current unrealized profit ratio stands at approximately 18%; historical experience shows that when this indicator rises to elevated levels, holders tend to sell to lock in gains, increasing correction risk.