BI just took the 7-day reverse repo to 5.75% to defend IDR, so NIDR lives or dies on reserve composition, redemption latency, and bank/custodian rails. $12M of LGHL stock for a 10% indirect stake gives Lion cheap upside, but holders are underwriting a microcap balance-sheet trade alongside the existing 193,775 HYPE treasury exposure. If the token becomes an IDR remittance/settlement rail, there is actual SEA payments beta; if it stays press-release DAT inventory, the float gets diluted for optionality.

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