{
  "meta": {
    "family": "TWIN-Treasuries",
    "date": "10 Oct 2026",
    "iso": "2026-10-10",
    "version": "v1.1",
    "session": "weekend",
    "asOf": "Weekend print. BUIDL last stamped 9 Oct. USYC and OUSG as-of 10 Oct. Primary windows closed until Monday.",
    "note": "Saturday. Primary support off. Instant / Teller path is the live rail. BUIDL 106 and USYC 35 unchanged. OUSG active 16 → 15.",
    "homeCondition": "Watch — Instant-only. Primary support is off. The wrapper is the live rail."
  },
  "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. Friday book unchanged.",
      "crowd": "Tight. 106 public holders on $2.20bn. 28 addresses active in 30 days. Unchanged from 9 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",
        "Redemption"
      ],
      "statusNote": "Watch — weekend substitution is the instant path. The Friday book is still the book.",
      "public": {
        "value": "$2.20bn",
        "holders": "106",
        "active30d": "28",
        "source": "RWA.xyz as of 9 Oct 2026, printed 10 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": "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. 35 wallets unchanged.",
      "crowd": "Very tight. 35 public holders on $2.40bn. Seven addresses active in 30 days. Unchanged from 9 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 only · crowd: very tight · basis: NAV path",
      "status": "watch",
      "changed": [
        "Clock",
        "Exit",
        "Redemption"
      ],
      "statusNote": "Watch — 35 wallets and a closed banking day. Teller is the condition.",
      "public": {
        "value": "$2.40bn",
        "holders": "35",
        "active30d": "7",
        "source": "RWA.xyz as of 10 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": "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. 85 public holders on $320m. 15 addresses active in 30 days (16 on 9 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",
        "Redemption",
        "Crowd"
      ],
      "statusNote": "Watch — weekend exit is the cap. One fewer active address is not breadth. Primary reopens Monday.",
      "public": {
        "value": "$320m",
        "holders": "85",
        "active30d": "15",
        "source": "RWA.xyz as of 10 Oct 2026"
      }
    }
  ]
}