TWIN-Treasuries

12 Sep 2026 · v1.0

Weekend. Primary redemption shut. Instant / Teller path is the only exit. Holder counts from Friday’s stamp: BUIDL 106, USYC 35, OUSG 86.

Watch — primary is shut. The token is on a 24/7 rail against a T-day register.

Weekend print. Public tallies last stamped 11 Sep 2026 (RWA.xyz). Primary windows closed.

Instrument	Status	Holders	Value	Activity	Condition
BUIDL	watch	106	$2.73bn	27	Watch — substitution on the instant path only. The register does not reopen until Monday.
USYC	watch	35	$2.60bn	9	Watch — 35 wallets and a closed banking day. Teller is the condition.
OUSG	watch	86	$409m	16	Watch — weekend exit is the cap. The inner fund does not reopen the primary until Monday.

BUIDL — BlackRock USD Institutional Digital Liquidity Fund

Watch — substitution on the instant path only. The register does not reopen until Monday.

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: Weekend. US banking-day cut-offs are closed (subscribe ~14:30 ET / redeem tokens in by ~15:00 ET). Instant USDC path is the live rail, until the reserve binds.
Pledge: Accepted as collateral on selected venues. Not a canonical SMF or CCP asset.
Exit: Primary USD is closed until Monday. Instant USDC path only, capacity-limited.
Crowd: Tight, still inert. 106 public holders on $2.73bn. 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 11 Sep 2026, printed 12 Sep

Watch — 35 wallets and a closed banking day. Teller is the condition.

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: Weekend. Manual primary (09:00–14:00 ET) is closed. Teller path 24/7 remains the live rail.
Pledge: Used as on-chain cash-equivalent collateral in selected workflows. Not SMF-eligible.
Exit: Primary T+1 is closed until Monday. Near-instant USDC via Teller only, while liquidity is posted.
Crowd: Very tight. 35 public holders on $2.60bn. Nine addresses active in 30 days.
Basis: Accruing NAV, not a flat $1 token. Path risk sits in Teller liquidity and banking-day cut-off.

Source: RWA.xyz as of 11 Sep 2026, printed 12 Sep

Watch — weekend exit is the cap. The inner fund does not reopen the primary until Monday.

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: Weekend. Non-instant 16:00 ET window is closed. Instant USDC path remains, cap-bound.
Pledge: Used in selected on-chain lending and margin workflows. Not a central-bank window asset.
Exit: Primary T+1 is closed until Monday. Instant USDC only, above the published minimum, until the cap binds.
Crowd: Tight. 86 public holders on $409m. Sixteen addresses active in 30 days. Stacked twin unchanged.
Basis: NAV token. Additional layer: OUSG is a claim on other tokenized funds, so twin risk is stacked.

Source: RWA.xyz as of 11 Sep 2026, printed 12 Sep