TWIN-Treasuries
7 Sep 2026 · v1.0
Public tallies retrieved 7 Sep 2026.
| Instrument | Status | Holders | Value | Activity | Condition |
|---|
| BUIDL | watch | 107 | $2.79bn | undefined | Substitutes in ordinary conditions. Watch crowd and instant-window capacity. |
| USYC | watch | 34 | $2.62bn | undefined | Cash leg is clean. Crowd is not. A few wallets moving is a fund event. |
| OUSG | watch | 86 | see family tape | undefined | Exit works until the cap. Crowd and stacked twin are the conditions, not TVL. |
BUIDL — BlackRock USD Institutional Digital Liquidity Fund
Substitutes in ordinary conditions. Watch crowd and instant-window capacity.
- Twin
- Institutional USD T-bill / cash MMF claim
- Title
- Token = fund share via transfer agent (Securitize). Permissioned register, not a bearer receipt.
- Cash leg
- 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.
- Pledge
- Accepted as collateral on selected venues. Not a canonical SMF or CCP asset.
- Exit
- Primary USD next-cycle. Instant USDC path exists and is capacity-limited.
- Crowd
- Tight. Public on-chain holder tally in the low hundreds. Not an MMF-like book.
- Basis
- Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.
Source: RWA.xyz / transfer-agent disclosures
USYC — Circle USYC
Cash leg is clean. Crowd is not. A few wallets moving is a fund event.
- Twin
- Short-duration USD government / cash fund claim
- Title
- Token = registered fund interest. Whitelisted wallets. Teller contract mints and burns against the register.
- Cash leg
- 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.
- Pledge
- Used as on-chain cash-equivalent collateral in selected workflows. Not SMF-eligible.
- Exit
- Near-instant USDC via Teller while liquidity is posted. Primary redemption T+1 inside banking hours.
- Crowd
- Very tight. Public on-chain holder tally in the low tens against billions of value.
- Basis
- Accruing NAV, not a flat $1 token. Path risk sits in Teller liquidity and banking-day cut-off.
Source: RWA.xyz / Circle USYC disclosures
OUSG — Ondo Short-Term US Government Bond Fund
Exit works until the cap. Crowd and stacked twin are the conditions, not TVL.
- 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 leg
- 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.
- Pledge
- Used in selected on-chain lending and margin workflows. Not a central-bank window asset.
- Exit
- Instant USDC above a low minimum, cap-bound. Primary T+1 behind the cap.
- Crowd
- Tight. Public on-chain holder tally under 100. Underlying book is itself concentrated.
- Basis
- NAV token. Additional layer: OUSG is a claim on other tokenized funds, so twin risk is stacked.
Source: RWA.xyz / Ondo docs