{
  "meta": {
    "family": "TWIN-Treasuries",
    "date": "18 Oct 2026",
    "iso": "2026-10-18",
    "version": "v1.1",
    "session": "weekend",
    "asOf": "Weekend print. BUIDL stamped 17 Oct. USYC and OUSG as-of 18 Oct. Primary windows closed until Monday.",
    "note": "Sunday. Primary support still off. Instant / Teller path is the live rail. USYC holders 35 → 34, active 7 → 4. BUIDL and OUSG unchanged.",
    "homeCondition": "Watch → Sunday. Primary still shut. Instant path is the only exit."
  },
  "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": "Sunday. US banking-day cut-offs remain closed. Instant USDC path is the live rail, until the reserve binds.",
      "exit": "Primary USD closed until Monday. Instant USDC path only, capacity-limited.",
      "redemption": "Instant-only",
      "redemptionNote": "Primary support off. Instant rail still conducts, until the reserve binds. No pause notice. Saturday book unchanged.",
      "crowd": "Tight. 106 public holders on $2.17bn. 37 addresses active in 30 days. Unchanged from 17 Oct.",
      "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: instant path only · crowd: tight · basis: path",
      "status": "watch",
      "changed": [
        "Clock",
        "Exit"
      ],
      "statusNote": "Watch → Sunday substitution is the instant path. The Saturday book is still the book.",
      "public": {
        "value": "$2.17bn",
        "holders": "106",
        "active30d": "37",
        "source": "RWA.xyz as of 17 Oct 2026, printed 18 Oct"
      }
    },
    {
      "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": "Sunday. Manual primary remains closed. Teller path 24/7 is the live rail.",
      "exit": "Primary T+1 closed until Monday. Near-instant USDC via Teller only, while liquidity is posted.",
      "redemption": "Instant-only",
      "redemptionNote": "Primary support off. Teller rail still conducts, while liquidity is posted. No pause notice. One name off the Saturday tally.",
      "crowd": "Very tight. 34 public holders on $2.39bn (35 / $2.38bn on 17 Oct). Four addresses active in 30 days (7 on 17 Oct). One name off. Three fewer active. Not breadth.",
      "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 only · crowd: very tight · basis: NAV path",
      "status": "watch",
      "changed": [
        "Clock",
        "Exit",
        "Crowd"
      ],
      "statusNote": "Watch → 34 wallets and a closed banking day. Teller is the condition. One wallet is not a book.",
      "public": {
        "value": "$2.39bn",
        "holders": "34",
        "active30d": "4",
        "source": "RWA.xyz as of 18 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": "Sunday. Non-instant 16:00 ET window remains closed. Instant USDC path remains, cap-bound.",
      "exit": "Primary T+1 closed until Monday. Instant USDC only, until the cap binds.",
      "redemption": "Instant-only",
      "redemptionNote": "Primary support off. Instant rail still conducts, until the cap binds. No pause notice.",
      "crowd": "Tight. 86 public holders on $320m. 11 addresses active in 30 days. Unchanged from 17 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 path only · crowd: tight · basis: stacked twin",
      "status": "watch",
      "changed": [
        "Clock",
        "Exit"
      ],
      "statusNote": "Watch → weekend exit is the cap. Primary reopens Monday.",
      "public": {
        "value": "$320m",
        "holders": "86",
        "active30d": "11",
        "source": "RWA.xyz as of 18 Oct 2026"
      }
    }
  ]
}