TWIN-Treasuries
14 Sep 2026 · v1.0
Monday. Clock returns to banking-day cut-offs. Holders unchanged across the weekend: BUIDL 106, USYC 35, OUSG 86.
Watch — primary reopens on the US banking day. Crowd did not loosen over the weekend.
Weekday print. Public tallies last stamped 13 Sep 2026 (RWA.xyz). Primary windows reopen on the US banking day.
| Instrument | Status | Holders | Value | Activity | Condition |
|---|
| BUIDL | watch | 106 | $2.73bn | 27 | Watch — primary is open again. The book did not turn over the weekend. |
| USYC | watch | 35 | $2.60bn | 9 | Watch — 35 wallets and a reopened banking day. Crowd is still the weak channel. |
| OUSG | watch | 86 | $409m | 16 | Watch — weekday cap and the inner fund bind again. No new names on the register. |
BUIDL — BlackRock USD Institutional Digital Liquidity Fund
Watch — primary is open again. The book did not turn over the weekend.
- 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, still inert. 106 public holders on $2.73bn. 27 addresses active in 30 days. Unchanged across 12–13 Sep.
- Basis
- Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.
Source: RWA.xyz as of 13 Sep 2026, printed 14 Sep
USYC — Circle USYC
Watch — 35 wallets and a reopened banking day. Crowd is still the weak channel.
- 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. 35 public holders on $2.60bn. Nine addresses active in 30 days. Unchanged across 12–13 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 13 Sep 2026, printed 14 Sep
OUSG — Ondo Short-Term US Government Bond Fund
Watch — weekday cap and the inner fund bind again. No new names on the register.
- 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. 86 public holders on $409m. Sixteen addresses active in 30 days. Unchanged across 12–13 Sep. 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 13 Sep 2026, printed 14 Sep