TWIN-Cash

13 Nov 2026 · v1.1 · weekly

Friday. Circle Mint is the redeem-to-bank rail: institutional, KYB, banking day. Secondary is up all weekend and is not the exit. Transfer is not redeem-to-bank. Float $70.7bn → $69.5bn. Next page is next Friday.

Watch → Redemption Open. Float $69.5bn. Secondary is not the exit.

Circle Mint is the redeem-to-bank rail. Transfer is not redeem-to-bank. Secondary is not the exit.

Fourth Cash page. Weekly. USDC only. Float as-of 13 Nov 2026 (DefiLlama circulating).

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Instrument	Status	Holders	Value	Activity	Condition
USDC	watch	—	$69.5bn	—	Watch → the book is fine and the Mint is the only door that pays cash. A depeg thriller is not the page.

USDC — USDC

Watch → the book is fine and the Mint is the only door that pays cash. A depeg thriller is not the page.

Twin

Dollar deposit at the issuer, against the reserve.

Title

Token = receipt against the reserve. Not a bank deposit. Not a security.

Cash leg

USD via Circle Mint.

Clock

US banking day. Weekend is a Clock event. After this session the Mint is shut until Monday.

Pledge

Not scored. A lending market is not a pledge window.

Exit

Circle Mint for eligible institutions. Secondary is not the exit.

Redemption

Open. Mint live this session. No issuer notice. Free under the published daily amount for eligible institutions. Not instant for a person on a Saturday. Transfer is not redeem-to-bank.

Crowd

One float fact. $69.5bn circulating (DefiLlama, as of 13 Nov). $70.7bn on 6 Nov. Not a follower count. Not a venue share.

Basis

Par. Versus $1. No depeg stamped.

Source: DefiLlama as of 13 Nov 2026