{
  "meta": {
    "family": "TWIN-Treasuries",
    "date": "14 Nov 2026",
    "iso": "2026-11-14",
    "version": "v1.1",
    "session": "weekend",
    "asOf": "Weekend print. BUIDL and OUSG as-of 14 Nov. USYC as-of 14 Nov (RWA.xyz). Primary windows closed until Monday.",
    "note": "Saturday. Primary support off. Instant / Teller path is the live rail. BUIDL unchanged. USYC $2.10bn → $2.02bn, holders 29. OUSG unchanged.",
    "homeCondition": "Watch → Instant-only. Primary support is off. USYC $2.10bn → $2.02bn."
  },
  "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": "Saturday. US banking-day cut-offs are 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.",
      "crowd": "Tight. 102 public holders on $1.56bn. 35 addresses active in 30 days. Unchanged from 13 Nov.",
      "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": [
        "Clock",
        "Exit",
        "Redemption"
      ],
      "statusNote": "Watch → weekend substitution is the instant path. The Friday book is still the book.",
      "public": {
        "value": "$1.56bn",
        "holders": "102",
        "active30d": "35",
        "source": "RWA.xyz as of 14 Nov 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": "Saturday. Manual primary is 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. Value left a flat tally — omnibus, not a failed window.",
      "crowd": "Very tight. 29 public holders on $2.02bn ($2.10bn on 13 Nov). Six addresses active in 30 days. Unchanged register.",
      "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": [
        "Clock",
        "Exit",
        "Redemption"
      ],
      "statusNote": "Watch → 29 wallets and a closed banking day. Teller is the condition.",
      "public": {
        "value": "$2.02bn",
        "holders": "29",
        "active30d": "6",
        "source": "RWA.xyz as of 14 Nov 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": "Saturday. Non-instant 16:00 ET window is 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. 74 public holders on $316m. 12 addresses active in 30 days. Unchanged from 13 Nov. 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": [
        "Clock",
        "Exit",
        "Redemption"
      ],
      "statusNote": "Watch → weekend exit is the cap. Primary reopens Monday.",
      "public": {
        "value": "$316m",
        "holders": "74",
        "active30d": "12",
        "source": "RWA.xyz as of 14 Nov 2026"
      }
    }
  ]
}