TWIN-Treasuries
9 Sep 2026 · v1.0
Quiet session. One BUIDL holder left the public tally. USYC unchanged. OUSG +$4m and +1 holder. Status unchanged.
Watch — substitution holds. The book did not start turning over.
Public tallies retrieved 9 Sep 2026 (RWA.xyz as-of 9 Sep).
| Instrument | Status | Holders | Value | Activity | Condition |
|---|
| BUIDL | watch | 106 | $2.77bn | 27 | Watch — substitution holds. The book did not start turning over. |
| USYC | watch | 34 | $2.62bn | 9 | Watch — the weak channel is still crowd. A flat day does not loosen the book. |
| OUSG | watch | 87 | $414m | 16 | Watch — one more name on the register. Cap and the inner fund still bind. |
BUIDL — BlackRock USD Institutional Digital Liquidity Fund
Watch — substitution holds. The book did not start turning over.
- 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, and still mostly inert. 106 public holders (107 on 8 Sep); 27 addresses active in 30 days.
- Basis
- Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.
Source: RWA.xyz as of 9 Sep 2026
USYC — Circle USYC
Watch — the weak channel is still crowd. A flat day does not loosen the book.
- 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. 34 public holders on $2.62bn. Nine addresses active in 30 days. No change from 8 Sep.
- Basis
- Accruing NAV, not a flat $1 token. Path risk sits in Teller liquidity and banking-day cut-off.
Source: RWA.xyz as of 9 Sep 2026
OUSG — Ondo Short-Term US Government Bond Fund
Watch — one more name on the register. Cap and the inner fund still bind.
- 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. 87 public holders (86 on 8 Sep) on $414m. Sixteen addresses active in 30 days. Still a stacked twin.
- Basis
- NAV token. Additional layer: OUSG is a claim on other tokenized funds, so twin risk is stacked.
Source: RWA.xyz as of 9 Sep 2026