{
  "meta": {
    "family": "TWIN-Credit",
    "date": "16 Oct 2026",
    "iso": "2026-10-16",
    "version": "v1.1",
    "asOf": "Friday print. JAAA and syrupUSDC as-of 16 Oct 2026 (RWA.xyz). Second Credit name joins.",
    "note": "Friday. JAAA holders 37 → 36. syrupUSDC born: Maple pool, $1.06bn / 8,653. Primary is the published withdrawal rail. A Morpho or Uniswap book does not upgrade it.",
    "methodNote": "On a pool row the primary is the published withdrawal rail, not the lending market.",
    "homeCondition": "Watch → JAAA Open, one holder off. syrupUSDC born Open on the Maple queue."
  },
  "instruments": [
    {
      "id": "jaaa",
      "ticker": "JAAA",
      "name": "Anemoy / Centrifuge token of the Janus Henderson AAA CLO",
      "klass": "JAAA-class",
      "twin": "Listed AAA CLO / cash-plus claim. Janus Henderson AAA CLO, token issued via Anemoy / Centrifuge.",
      "title": "Token = receipt against the fund. Not the CLO loan itself.",
      "cash": "USDC via the Centrifuge app.",
      "clock": "Daily primary on the Centrifuge app. Underlying credit hours are not this window. After this session the banking-day window is shut until Monday.",
      "exit": "Primary via the Centrifuge app. Do not list Morpho, Aave, Liquid Lane, or a secondary book as the exit.",
      "redemption": "Open",
      "redemptionNote": "Issuer / app window live this session. Daily. No pause published. Exit-Pulse ordinary. A liquidity arrangement is not the state.",
      "pledge": "Not scored. No published pledge window on this stamp.",
      "crowd": "Tight. 36 public holders on $589m (37 on 15 Oct). 39 addresses active in 30 days. One name off. Not a deep book.",
      "basis": "Path. Token versus the listed AAA CLO. No spread stamped.",
      "line": "cash: AAA CLO · exit: primary · crowd: tight · basis: path",
      "status": "watch",
      "changed": [
        "Crowd"
      ],
      "statusNote": "Watch → rail conducts. Crowd is still the weak channel.",
      "public": {
        "value": "$589m",
        "holders": "36",
        "active30d": "39",
        "source": "RWA.xyz as of 16 Oct 2026"
      }
    },
    {
      "id": "syrupusdc",
      "ticker": "syrupUSDC",
      "name": "Maple syrupUSDC",
      "klass": "syrupUSDC-class",
      "twin": "Institutional private credit / cash-plus claim. Maple Syrup pool, overcollateralised loans to crypto market makers and trading firms.",
      "title": "Token = receipt against the pool. Not a deposit token.",
      "cash": "USDC from the Maple withdrawal queue.",
      "clock": "Published withdrawal rail. FIFO as liquidity becomes available. Most under 24 hours, up to 30 days. After this session the banking-day window is shut until Monday.",
      "exit": "Primary is Maple’s published withdrawal rail. Do not list Morpho, Aave, Uniswap, or a secondary book as the exit.",
      "redemption": "Open",
      "redemptionNote": "Published withdrawal rail live this session. FIFO. No pause published. A lending market or a swap is not the state. Weekend is Closed unless the published rail itself stays live.",
      "pledge": "Not scored. Morpho and Aave listings are not a pledge window.",
      "crowd": "Looked-up. 8,653 public holders on $1.06bn. 4,796 addresses active in 30 days. A short register is not this book.",
      "basis": "Path. Token versus the pool NAV. No spread stamped.",
      "line": "cash: USDC · exit: maple withdrawal · crowd: looked-up · basis: path",
      "status": "watch",
      "changed": [
        "Clock",
        "Exit",
        "Redemption"
      ],
      "statusNote": "Watch → rail conducts on day one. The queue is the condition, not the secondary book.",
      "public": {
        "value": "$1.06bn",
        "holders": "8,653",
        "active30d": "4,796",
        "source": "RWA.xyz as of 16 Oct 2026"
      }
    }
  ]
}