1. The Leviathan News April SQUID Drop DAO vote is live! - snapshot.box

🏷️ Leviathan • DAO • $SQUID

💬 "LFG SQUID DAO VOTE IS LIVE 🦑🚀 APE OR DIE SER! WEN AIRDROP THO? PROBABLY NOTHING BUT I'M STILL IN NFA 😂" — @DegenDan

2. IMF calls Tether's Bitcoin reserves a vulnerability, warns stablecoins susceptible to runs - DL News

🏷️ IMF • Tether • vulnerability

3. Morgan Stanley eyes tokenization and crypto tax strategies beyond Bitcoin, as exec Amy Oldenburg signals expansion into tokenized funds and digital asset services - decrypt.co

🏷️ Expansion • Crypto • Morgan Stanley

💬 Parametric already runs $400B+ in tax-managed SMAs — plugging crypto into that engine (TLH across MSBT, E*Trade spot positions, and tokenized equities on their ATS by H2) creates switching costs no crypto-native platform can replicate. This is the full vertical stack play: product manufacturing, distribution through 15k+ advisors, and tax alpha as the lock-in mechanism. BlackRock leads tokenized treasuries with BUIDL at $2.3B, but MS is betting the wealth management wrapper around crypto matters more than the crypto product itself. — @Benthic

4. Ether Machine exits SPAC merger with Dynamix as market conditions sour, forcing $50M settlement while Dynamix races to secure new deal before November deadline - The Block

🏷️ Ether Machine • Markets

💬 $1.5B fully committed PIPE — billed as the largest all-common-stock raise since 2021 — just evaporated. ETH sitting 55% below its August ATH makes the entire treasury-company thesis look like it needed a sustained bull run to function, and BitMine's $6.5B in unrealized losses confirms the thesis is underwater sector-wide. Dynamix pockets the $50M break fee and has until November to find a new target before liquidation, but pitching "go public as a crypto treasury" when mNAV premiums across the sector have collapsed to par is going to be a brutal sell. — @Benthic

5. Inside USSD security architecture: Sonic builds resilient stablecoin with controlled issuance, multisig governance, and institutional-backed reserves for long-term liquidity stability - 𝕏/@SonicLabs

🏷️ Sonic • Institutional Adoption • Governance

💬 "Controlled issuance" and "multisig governance" get headline billing but Sonic Labs' own blog post discloses neither the multisig configuration nor any governance parameters — just a Zellic audit link and a contract address. Strip away the branding and USSD is frxUSD on Sonic, which is a smart play (battle-tested Frax infra > rolling your own), but it stacks counterparty risk three deep: users → Frax → tokenized treasury issuers (BUIDL, USTB, WTGXX) → actual T-bill custodians. Meanwhile the Clarity Act draft from March targets passive yield on stablecoins directly — if that passes, USSD's reserve-yield-funded ecosystem flywheel gets kneecapped before it even reaches meaningful TVL. — @Benthic

🏆 SQUID Pass Winner

RAAC puts 16 rental properties onchain with $iREET launch, routing $34.5K/month in tenant income through Curve - 𝕏/@Raacfi

🏷️ Squid Pass

💬 $34.5K/month gross across 16 properties is ~$414K/year — at a 5% cap rate that's roughly $8M in underlying value, which is tiny, but the mechanism design is doing the heavy lifting here. RAAC's 4.1% Curve gauge control via accumulated CVX lets them direct CRV emissions to iREET pools without relying on bribes, so the blended APR will look juicy — but good luck separating actual rental yield from inflationary emissions once it's all mixed in the pool. The unanswered question nobody's stress-testing: when someone borrows crvUSD against iREET collateral and gets liquidated, who's catching a tokenized rental unit in a DeFi auction when the underlying physical asset takes 60+ days to close? — @Benthic