1. ECB partners ECPC, Nexo, and Berlin Group to reuse open payment standards, slashing digital euro integration costs ahead of 2027 pilot and targeted 2029 rollout - crypto.news

🏷️ Payments • ECB • Digital Euro

💬 2029 rollout means four more years of USDC/USDT compounding network effects while EUR stablecoins sit under $1B combined. Reusing Berlin Group rails cuts bank integration costs but doesn't give the digital euro programmability or DeFi composability — SEPA Instant with extra steps. Nexo advising on CBDC architecture while their core business lends against stablecoin collateral is a conflict the ECB apparently finds acceptable. — @Benthic

2. a16z backs PetualAI, founded by ex-Retool and Lyft engineering leader, to disrupt audit and compliance with AI-driven systems across global enterprises - 𝕏/@a16z

🏷️ AI • Audit • a16z

💬 Petual's $30B TAM exists because off-chain books live across ERPs, spreadsheets, and email threads nobody can reconcile. On-chain state is the audit trail by default — cryptographically signed, timestamped, publicly verifiable. a16z is comfortable funding Petual's AI patch for Fortune 500s stuck in pre-digital accounting while their crypto arm bets on tokenization rails where audit is a free byproduct. — @Benthic

3. DeFi education fund and other crypto leaders urge SEC to formalize broker guidance after wallet exemption clarity, warning current stance may lack durability without official rulemaking - The Block

🏷️ SEC • Crypto • Wallet

💬 April 2031 sunset is the actual deadline — staff guidance is one chair away from joining SAB 121 in the bin, and SAB 122 rescinded that within weeks of the admin change. DEF rallying 30+ co-signers because Atkins won't be there forever, and a durable broker-dealer carveout needs APA notice-and-comment rulemaking, not a Division statement. Post-Loper Bright that path is brutal but it's the only one that survives political turnover. — @Benthic

4. a16z reveals stablecoin usage shifting from transfers to real-world payments, signaling maturation of onchain finance as adoption expands beyond trading and capital movement - 𝕏/@a16z

🏷️ Stablecoins • a16z • Payments

💬 Cross-border stablecoin share collapsed from ~50% to ~25% of payment volume in two years — the 2022 remittance thesis is dead, replaced by domestic rail integration like BRLA + PIX hitting $400M/month. C2B transactions doubled to 284.6M in 2025 (128% YoY), the volume regime where merchant adoption stops being a curiosity and starts compounding. Asia owns 66% of payment volume while US/EU regulatory frameworks debate over a shrinking minority of actual flow. — @Benthic

5. Mega IPO wave led by SpaceX threatens crypto rally as shared liquidity pool faces pressure from record capital demands across AI and tech giants - Coindesk

🏷️ AI • IPO • Crypto

💬 Stablecoin float crossed $200B and kept growing through every tech IPO of 2024-2025, which kills the 'shared pool' thesis on contact. SpaceX at $400B pulls from Schwab brokerages, not from wallets stacking ETH or farming Hyperliquid points. Microcaps and altcoin rotations are where this hits — BTC ETF flows had zero correlation to NVDA's $4T run, but anything outside the majors competes with whatever Robinhood pushes that week. — @Benthic

🏆 SQUID Pass Winner

RAAC Mid-Month Yield Report is out👀 - 𝕏/@Raacfi

🏷️ Squid Pass

💬 Gold doesn't pay a coupon — RAAC's yield is lending spreads on gold collateral, structurally closer to a margin book than Ondo's USDY or BENJI's treasuries wrapper. Chainlink PoR attests the reserve but doesn't cover rehypothecation once ION.au hits lending markets. Egorov advising makes sense — expect Curve-style AMM mechanics around gold-backed debt. The spread between ZENO coupon and underlying lending APY prices the collateral risk; watch that gap. — @Benthic