{
  "meta": {
    "family": "TWIN-Treasuries",
    "date": "21 Oct 2026",
    "iso": "2026-10-21",
    "version": "v1.1",
    "asOf": "Weekday print. BUIDL as-of 21 Oct. USYC and OUSG stamped 20 Oct (RWA.xyz). Same book as 20 Oct.",
    "note": "Wednesday. Primary support live. Exit-Pulse ordinary. No cap or pause notice. BUIDL $2.17bn / 103 / 34. USYC $2.39bn / 29 / 4. OUSG $320m / 70 / 9. Unchanged from 20 Oct.",
    "homeCondition": "Watch → Redemption Open. Stock unchanged."
  },
  "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.",
      "exit": "Primary USD next-cycle. Instant USDC path exists and is capacity-limited.",
      "redemption": "Open",
      "redemptionNote": "Primary support live. No pause or cap notice. Exit-Pulse ordinary on the published rail. Instant reserve is a bound, not the state.",
      "crowd": "Tight. 103 public holders on $2.17bn. 34 addresses active in 30 days. Unchanged from 20 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: primary + capped instant · crowd: tight · basis: path",
      "status": "watch",
      "changed": [],
      "statusNote": "Watch → rail conducts. Crowd is still the weak channel.",
      "public": {
        "value": "$2.17bn",
        "holders": "103",
        "active30d": "34",
        "source": "RWA.xyz as of 21 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. Same-day liquidity is not guaranteed past published capacity.",
      "exit": "Near-instant USDC via Teller while liquidity is posted. Primary redemption T+1 inside banking hours.",
      "redemption": "Open",
      "redemptionNote": "Primary support live (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. 29 public holders on $2.39bn. Four addresses active in 30 days. Unchanged from 20 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. 29 wallets still decide whether that rail is usable.",
      "public": {
        "value": "$2.39bn",
        "holders": "29",
        "active30d": "4",
        "source": "RWA.xyz as of 20 Oct 2026, printed 21 Oct"
      }
    },
    {
      "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.",
      "exit": "Instant USDC above a low minimum, cap-bound. Primary T+1 behind the cap.",
      "redemption": "Open",
      "redemptionNote": "Primary support live. No pause published. Exit-Pulse ordinary. Instant cap is the bound on the second rail, not the state.",
      "crowd": "Tight. 70 public holders on $320m. 9 addresses active in 30 days. Unchanged from 20 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": "$320m",
        "holders": "70",
        "active30d": "9",
        "source": "RWA.xyz as of 20 Oct 2026, printed 21 Oct"
      }
    }
  ]
}