Treasury: add the Council multisig as proxy to the PRIME position account and instruct the unwind of the looped PRIME position

Summary

This referendum adds the 3-of-5 Council multisig 16RJh4z1eUHpC3ntre9H2noKGKxihkSqog9PBt9bRbAnj4RE as an Any proxy to the Treasury-controlled account 15qyoAjtLwtu7stVJ5qdsj7QJsfaxQEU3ZrihHExzC6hQyHA, which holds the Treasury's looped PRIME position. It also records an on-chain instruction to the multisig signers to unwind that position, repaying the USDT, USDC and HOLLAR borrows in full.

Rationale

Unwinding the looped PRIME position frees up Treasury capital and money-market liquidity:

• HSM capacity. Buying back HOLLAR from PRIME helps to refill capacity in the HOLLAR Stability Module (through arbitragers buying PRIME with USDT/C).
• USDT and USDC borrow rates. Repaying the USDT and USDC borrows returns that liquidity to the money market. This lowers utilisation of those reserves and brings their borrow APR back to a more orderly level for other borrowers.
• Better use of capital. Other opportunities currently offer a greater return on this capital than the looped PRIME position. Closing the position lets the Treasury redeploy the capital there.

What this referendum does

1. Proxy. 15qyoAjtLw… is a pure proxy created by the Treasury, and the Treasury is currently its only proxy. Acting through that existing Treasury proxy, this step adds the Council multisig as a second Any proxy with a delay of 0. The Treasury remains a proxy. The resulting setup is the same as on the HOLLAR bonds pure proxy 1C1rAhLjoN…, where the Treasury and the Council multisig are both Any proxies.
2. Instruction. The Treasury publishes an on-chain remark with the following text:

Instruct the multisig "16RJh4z1eUHpC3ntre9H2noKGKxihkSqog9PBt9bRbAnj4RE" signers to unwind the Treasury's looped PRIME position, repaying the USDT, USDC + HOLLAR borrows completely. It should be executed as efficiently as possible - at the maximum cadence without sacrificing execution.

Both steps run as the Treasury, so the referendum goes on the Treasurer track.

Effect

• The Council multisig can operate the PRIME position account directly. This lets the unwind run in many small steps at a steady pace, without a referendum for each step.
• The proxy deposit of 0.99 HDX is reserved from the PRIME position account itself.
• No funds move as part of this referendum. No other account, market or parameter changes.

Verification

The full call was simulated against mainnet at block 15,747,212 under the Treasurer origin and in a chopsticks dry-run. Both steps execute successfully: the proxy is added (15qyoAjtLw… → 16RJh4z1eU…, Any, delay 0), and the remark is emitted by the Treasury.

Preimage hash: 0x4a963aaed0fb2305477bea2daeb53a1dac6317107b3fb27d5cd9f955aede4088
Track: Treasurer