{
  "meta": {
    "family": "TWIN-Treasuries",
    "date": "9 Oct 2026",
    "iso": "2026-10-09",
    "version": "v1.1",
    "asOf": "Friday print. Tallies as-of 9 Oct 2026 (RWA.xyz). Last US banking day of the week.",
    "note": "Friday. Primary support live this session. Exit-Pulse ordinary. No cap or pause notice. BUIDL $2.25bn → $2.20bn, holders 106. USYC unchanged. OUSG unchanged.",
    "homeCondition": "Watch — Redemption Open. BUIDL shed ~$50m on an unchanged 106."
  },
  "instruments": [
    {
      "id": "buidl",
      "ticker": "BUIDL",
      "name": "BlackRock USD Institutional Digital Liquidity Fund",
      "klass": "BUIDL-class",
      "twin": "Institutional USD T-bill / cash MMF claim",
      "title": "Token = fund share via transfer agent (Securitize). Permissioned register, not a bearer receipt.",
      "cash": "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": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption": "Open",
      "redemptionNote": "Primary support live this session. No pause or cap notice. Exit-Pulse ordinary on the published rail. Instant reserve is a bound, not the state. Stock left a flat tally — omnibus, not a failed window.",
      "crowd": "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.",
      "pledge": "Accepted as collateral on selected venues. Not a canonical SMF or CCP asset.",
      "basis": "Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.",
      "line": "cash: USDC / USD mix · exit: primary + capped instant · crowd: tight · basis: path",
      "status": "watch",
      "changed": [
        "Crowd"
      ],
      "statusNote": "Watch — rail conducts on the last banking day. Value left an unchanged register.",
      "public": {
        "value": "$2.20bn",
        "holders": "106",
        "active30d": "28",
        "source": "RWA.xyz as of 9 Oct 2026"
      }
    },
    {
      "id": "usyc",
      "ticker": "USYC",
      "name": "Circle USYC",
      "klass": "USYC-class",
      "twin": "Short-duration USD government / cash fund claim",
      "title": "Token = registered fund interest. Whitelisted wallets. Teller contract mints and burns against the register.",
      "cash": "USDC through the Teller. Fiat primary sits on the US banking day.",
      "clock": "Teller path 24/7. Manual primary 09:00–14:00 ET. After this session manual primary is shut until Monday.",
      "exit": "Near-instant USDC via Teller while liquidity is posted. Primary redemption T+1 inside banking hours.",
      "redemption": "Open",
      "redemptionNote": "Primary support live this session (09:00–14:00 ET, T+1). No pause published. Exit-Pulse ordinary. Teller inventory is the bound on the second rail, not the state.",
      "crowd": "Very tight. 35 public holders on $2.40bn. Seven addresses active in 30 days. Unchanged from 8 Oct.",
      "pledge": "Used as on-chain cash-equivalent collateral in selected workflows. Not SMF-eligible.",
      "basis": "Accruing NAV, not a flat $1 token. Path risk sits in Teller liquidity and banking-day cut-off.",
      "line": "cash: USDC · exit: teller + T+1 primary · crowd: very tight · basis: NAV path",
      "status": "watch",
      "changed": [],
      "statusNote": "Watch — rail conducts. 35 wallets still decide whether that rail is usable into the weekend.",
      "public": {
        "value": "$2.40bn",
        "holders": "35",
        "active30d": "7",
        "source": "RWA.xyz as of 9 Oct 2026"
      }
    },
    {
      "id": "ousg",
      "ticker": "OUSG",
      "name": "Ondo Short-Term US Government Bond Fund",
      "klass": "OUSG-class",
      "twin": "Short-term US government fund claim (wrapper over institutional T-bill funds, including BUIDL)",
      "title": "Token = fund share for qualified purchasers. Permissioned. Wrapper, not the Treasury itself.",
      "cash": "USDC / USD. Instant redemption pays USDC.",
      "clock": "Instant path atomic, subject to published caps. Non-instant: tokens in by 16:00 ET for next-business-day USDC. After this session the 16:00 window is shut until Monday.",
      "exit": "Instant USDC above a low minimum, cap-bound. Primary T+1 behind the cap.",
      "redemption": "Open",
      "redemptionNote": "Primary support live this session. No pause published. Exit-Pulse ordinary. Instant cap is the bound on the second rail, not the state.",
      "crowd": "Tight. 85 public holders on $322m. 16 addresses active in 30 days. Unchanged from 8 Oct. Stacked twin unchanged.",
      "pledge": "Used in selected on-chain lending and margin workflows. Not a central-bank window asset.",
      "basis": "NAV token. Additional layer: OUSG is a claim on other tokenized funds, so twin risk is stacked.",
      "line": "cash: USDC · exit: instant + T+1 primary · crowd: tight · basis: stacked twin",
      "status": "watch",
      "changed": [],
      "statusNote": "Watch — rail conducts. Cap and the inner fund still bind the second channel.",
      "public": {
        "value": "$322m",
        "holders": "85",
        "active30d": "16",
        "source": "RWA.xyz as of 9 Oct 2026"
      }
    }
  ]
}