{
  "instrument": "BUIDL",
  "family": "TWIN-Treasuries",
  "points": [
    {
      "date": "2026-09-07",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 107,
      "value_usd": 2790000000,
      "active_30d": "",
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight. Public on-chain holder tally in the low hundreds. Not an MMF-like book.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz / transfer-agent disclosures"
    },
    {
      "date": "2026-09-08",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 107,
      "value_usd": 2790000000,
      "active_30d": 27,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight, and mostly still. 107 public holders; 27 addresses active in 30 days. The book is not turning over.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 8 Sep 2026"
    },
    {
      "date": "2026-09-09",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 106,
      "value_usd": 2770000000,
      "active_30d": 27,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight, and still mostly inert. 106 public holders (107 on 8 Sep); 27 addresses active in 30 days.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 9 Sep 2026"
    },
    {
      "date": "2026-09-10",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 105,
      "value_usd": 2750000000,
      "active_30d": 27,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight, and still inert. 105 public holders (106 on 9 Sep, 107 on 8 Sep). 27 addresses active in 30 days. The register is thinning without turning over.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 10 Sep 2026"
    },
    {
      "date": "2026-09-11",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 105,
      "value_usd": 2750000000,
      "active_30d": 27,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight, and still inert. 105 public holders. 27 addresses active in 30 days. Unchanged from 10 Sep.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 11 Sep 2026"
    },
    {
      "date": "2026-09-12",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 106,
      "value_usd": 2730000000,
      "active_30d": 27,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Weekend. US banking-day cut-offs are closed (subscribe ~14:30 ET / redeem tokens in by ~15:00 ET). Instant USDC path is the live rail, until the reserve binds.",
      "exit_type": "Primary USD is closed until Monday. Instant USDC path only, capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight, still inert. 106 public holders on $2.73bn. 27 addresses active in 30 days.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 11 Sep 2026, printed 12 Sep"
    },
    {
      "date": "2026-09-13",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 106,
      "value_usd": 2730000000,
      "active_30d": 27,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Sunday. US banking-day cut-offs remain closed. Instant USDC path is the live rail, until the reserve binds.",
      "exit_type": "Primary USD closed until Monday. Instant USDC path only, capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight, still inert. 106 public holders on $2.73bn. 27 addresses active in 30 days. Unchanged from 12 Sep.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 12 Sep 2026, printed 13 Sep"
    },
    {
      "date": "2026-09-14",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 106,
      "value_usd": 2730000000,
      "active_30d": 27,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight, still inert. 106 public holders on $2.73bn. 27 addresses active in 30 days. Unchanged across 12–13 Sep.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 13 Sep 2026, printed 14 Sep"
    },
    {
      "date": "2026-09-15",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 106,
      "value_usd": 2700000000,
      "active_30d": 26,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight, still inert. 106 public holders on $2.70bn. 26 addresses active in 30 days (27 on 14 Sep).",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 15 Sep 2026"
    },
    {
      "date": "2026-09-16",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 106,
      "value_usd": 2700000000,
      "active_30d": 26,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight, still inert. 106 public holders on $2.70bn. 26 addresses active in 30 days. Unchanged from 15 Sep.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 16 Sep 2026"
    },
    {
      "date": "2026-09-17",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 106,
      "value_usd": 2730000000,
      "active_30d": 27,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight. 106 public holders on $2.73bn. 27 addresses active in 30 days. Holders flat; TVL ticked up a touch. Still not an MMF book.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 16 Sep 2026"
    },
    {
      "date": "2026-09-18",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 108,
      "value_usd": 2630000000,
      "active_30d": 25,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds. After this session primary is shut until Monday.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight. 108 public holders on $2.63bn. 25 addresses active in 30 days. Unchanged from 17 Sep.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 17 Sep 2026, printed 18 Sep"
    },
    {
      "date": "2026-09-19",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 108,
      "value_usd": 2380000000,
      "active_30d": 25,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Saturday. US banking-day cut-offs are closed. Instant USDC path is the live rail, until the reserve binds.",
      "exit_type": "Primary USD closed until Monday. Instant USDC path only, capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight. 108 public holders on $2.38bn (108 / $2.63bn on 18 Sep). 25 addresses active in 30 days. Value left. The public tally did not.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 19 Sep 2026"
    },
    {
      "date": "2026-09-20",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 108,
      "value_usd": 2300000000,
      "active_30d": 27,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Sunday. US banking-day cut-offs remain closed. Instant USDC path is the live rail, until the reserve binds.",
      "exit_type": "Primary USD closed until Monday. Instant USDC path only, capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight. 108 public holders on $2.30bn (108 / $2.38bn on 19 Sep). 27 addresses active in 30 days (25 on 19 Sep). Second day of stock leaving a flat tally.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 19 Sep 2026, printed 20 Sep"
    },
    {
      "date": "2026-09-21",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 108,
      "value_usd": 2300000000,
      "active_30d": 25,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight. 108 public holders on $2.30bn. 25 addresses active in 30 days (27 on 20 Sep). Weekend stock drain did not add names.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 21 Sep 2026"
    },
    {
      "date": "2026-09-22",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 108,
      "value_usd": 2300000000,
      "active_30d": 25,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight. 108 public holders on $2.30bn. 25 addresses active in 30 days. Unchanged from 21 Sep.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 21 Sep 2026, printed 22 Sep"
    },
    {
      "date": "2026-09-23",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 106,
      "value_usd": 2290000000,
      "active_30d": 28,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight. 106 public holders on $2.29bn (108 / $2.30bn on 22 Sep). 28 addresses active in 30 days (25 on 22 Sep). Two names off. More activity, not breadth.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 23 Sep 2026"
    },
    {
      "date": "2026-09-24",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 107,
      "value_usd": 2240000000,
      "active_30d": 28,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight. 107 public holders on $2.24bn (106 / $2.29bn on 23 Sep). 28 addresses active in 30 days. One name back. Stock still leaving.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 24 Sep 2026"
    },
    {
      "date": "2026-09-25",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 107,
      "value_usd": 2240000000,
      "active_30d": 28,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds. After this session primary is shut until Monday.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight. 107 public holders on $2.24bn. 28 addresses active in 30 days. Unchanged from 24 Sep.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 25 Sep 2026"
    },
    {
      "date": "2026-09-26",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 107,
      "value_usd": 2240000000,
      "active_30d": 28,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Saturday. US banking-day cut-offs are closed. Instant USDC path is the live rail, until the reserve binds.",
      "exit_type": "Primary USD closed until Monday. Instant USDC path only, capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight. 107 public holders on $2.24bn. 28 addresses active in 30 days. Unchanged from 25 Sep.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 26 Sep 2026"
    },
    {
      "date": "2026-09-27",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 107,
      "value_usd": 2240000000,
      "active_30d": 28,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Sunday. US banking-day cut-offs remain closed. Instant USDC path is the live rail, until the reserve binds.",
      "exit_type": "Primary USD closed until Monday. Instant USDC path only, capacity-limited.",
      "redemption_status": "",
      "crowd_note": "Tight. 107 public holders on $2.24bn. 28 addresses active in 30 days. Unchanged from 26 Sep.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 26 Sep 2026, printed 27 Sep"
    },
    {
      "date": "2026-09-28",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 107,
      "value_usd": 2240000000,
      "active_30d": 24,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "Open",
      "crowd_note": "Tight. 107 public holders on $2.24bn. 24 addresses active in 30 days (28 on 27 Sep). Weekend drain still sits on a flat tally.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 28 Sep 2026"
    },
    {
      "date": "2026-09-29",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 107,
      "value_usd": 2240000000,
      "active_30d": 24,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "Open",
      "crowd_note": "Tight. 107 public holders on $2.24bn. 24 addresses active in 30 days. Unchanged from 28 Sep.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 28 Sep 2026, printed 29 Sep"
    },
    {
      "date": "2026-09-30",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 106,
      "value_usd": 2250000000,
      "active_30d": 26,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "Open",
      "crowd_note": "Tight. 106 public holders on $2.25bn (107 / $2.24bn on 29 Sep). 26 addresses active in 30 days (24 on 29 Sep). One name off. Not breadth.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 30 Sep 2026"
    },
    {
      "date": "2026-10-01",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 105,
      "value_usd": 2250000000,
      "active_30d": 27,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "Open",
      "crowd_note": "Tight. 105 public holders on $2.25bn (106 on 30 Sep). 27 addresses active in 30 days (26 on 30 Sep). One name off. Not breadth.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 1 Oct 2026"
    },
    {
      "date": "2026-10-02",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 106,
      "value_usd": 2250000000,
      "active_30d": 28,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds. After this session primary is shut until Monday.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "Open",
      "crowd_note": "Tight. 106 public holders on $2.25bn (105 on 1 Oct). 28 addresses active in 30 days (27 on 1 Oct). Yesterday’s missing name returned. Not breadth.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 2 Oct 2026"
    },
    {
      "date": "2026-10-03",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 106,
      "value_usd": 2250000000,
      "active_30d": 28,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Saturday. US banking-day cut-offs are closed. Instant USDC path is the live rail, until the reserve binds.",
      "exit_type": "Primary USD closed until Monday. Instant USDC path only, capacity-limited.",
      "redemption_status": "Instant-only",
      "crowd_note": "Tight. 106 public holders on $2.25bn. 28 addresses active in 30 days. Unchanged from 2 Oct.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 3 Oct 2026"
    },
    {
      "date": "2026-10-04",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 106,
      "value_usd": 2250000000,
      "active_30d": 28,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Sunday. US banking-day cut-offs remain closed. Instant USDC path is the live rail, until the reserve binds.",
      "exit_type": "Primary USD closed until Monday. Instant USDC path only, capacity-limited.",
      "redemption_status": "Instant-only",
      "crowd_note": "Tight. 106 public holders on $2.25bn. 28 addresses active in 30 days. Unchanged from 3 Oct.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 3 Oct 2026, printed 4 Oct"
    },
    {
      "date": "2026-10-05",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 106,
      "value_usd": 2250000000,
      "active_30d": 28,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "Open",
      "crowd_note": "Tight. 106 public holders on $2.25bn. 28 addresses active in 30 days. Unchanged from 4 Oct.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 5 Oct 2026"
    },
    {
      "date": "2026-10-06",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 106,
      "value_usd": 2250000000,
      "active_30d": 28,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "Open",
      "crowd_note": "Tight. 106 public holders on $2.25bn. 28 addresses active in 30 days. Unchanged from 5 Oct.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 5 Oct 2026, printed 6 Oct"
    },
    {
      "date": "2026-10-07",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 106,
      "value_usd": 2250000000,
      "active_30d": 28,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "Open",
      "crowd_note": "Tight. 106 public holders on $2.25bn. 28 addresses active in 30 days. Unchanged from 6 Oct.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 7 Oct 2026"
    },
    {
      "date": "2026-10-08",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 106,
      "value_usd": 2250000000,
      "active_30d": 28,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "Open",
      "crowd_note": "Tight. 106 public holders on $2.25bn. 28 addresses active in 30 days. Unchanged from 7 Oct.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 8 Oct 2026"
    },
    {
      "date": "2026-10-09",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 106,
      "value_usd": 2200000000,
      "active_30d": 28,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Primary cut-offs on the US banking day (subscribe ~14:30 ET; redeem tokens in by ~15:00 ET). Instant path 24/7 until the reserve binds. After this session primary is shut until Monday.",
      "exit_type": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption_status": "Open",
      "crowd_note": "Tight. 106 public holders on $2.20bn (106 / $2.25bn on 8 Oct). 28 addresses active in 30 days. ~$50m left. The tally did not.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 9 Oct 2026"
    },
    {
      "date": "2026-10-10",
      "family": "TWIN-Treasuries",
      "instrument": "BUIDL",
      "status": "Watch",
      "holders": 106,
      "value_usd": 2200000000,
      "active_30d": 28,
      "cash_leg": "USD wire on primary; USDC on subscribe/redeem and instant window",
      "clock": "Saturday. US banking-day cut-offs are closed. Instant USDC path is the live rail, until the reserve binds.",
      "exit_type": "Primary USD closed until Monday. Instant USDC path only, capacity-limited.",
      "redemption_status": "Instant-only",
      "crowd_note": "Tight. 106 public holders on $2.20bn. 28 addresses active in 30 days. Unchanged from 9 Oct.",
      "basis_note": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "source": "RWA.xyz as of 9 Oct 2026, printed 10 Oct"
    }
  ]
}