{
  "meta": {
    "family": "TWIN-Credit",
    "date": "23 Oct 2026",
    "iso": "2026-10-23",
    "version": "v1.1",
    "asOf": "Friday print. JAAA and syrupUSDC as-of 23 Oct 2026 (RWA.xyz).",
    "note": "Friday. Centrifuge app window live this session. Maple withdrawal rail live this session. No pause published. JAAA $586m → $583m, active 37 → 38. syrupUSDC $1.05bn → $1.04bn, active 6,932 → 8,149.",
    "homeCondition": "Watch → last banking day. syrupUSDC active 6,932 → 8,149."
  },
  "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. 33 public holders on $583m ($586m on 22 Oct). 38 addresses active in 30 days (37 on 22 Oct). One more active. 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": [
        "Clock",
        "Exit",
        "Crowd"
      ],
      "statusNote": "Watch → rail conducts. Crowd is still the weak channel.",
      "public": {
        "value": "$583m",
        "holders": "33",
        "active30d": "38",
        "source": "RWA.xyz as of 23 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. 8,611 public holders on $1.04bn (8,598 / $1.05bn on 22 Oct). 8,149 addresses active in 30 days (6,932 on 22 Oct). The tally moved. The rail is the condition.",
      "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",
        "Crowd"
      ],
      "statusNote": "Watch → rail conducts. The queue is the condition, not the secondary book.",
      "public": {
        "value": "$1.04bn",
        "holders": "8,611",
        "active30d": "8,149",
        "source": "RWA.xyz as of 23 Oct 2026"
      }
    }
  ]
}