TWIN-Treasuries

19 Sep 2026 · v1.0 · weekend

Saturday. Primary shut. BUIDL $2.63bn → $2.38bn, holders still 108. USYC unchanged. OUSG $403m → $396m, holders 85, active 20 → 19.

Watch — primary closed. $2.63bn → $2.38bn on an unchanged register.

Weekend print. Public tallies as-of 19 Sep 2026 (RWA.xyz). Primary windows closed until Monday.

Instrument	Status	Holders	Value	Activity	Condition
BUIDL	watch	108	$2.38bn	25	Watch — weekend substitution is the instant path. A $250m stock move with 108 names unchanged is omnibus, not breadth.
USYC	watch	36	$2.55bn	10	Watch — 36 wallets and a closed banking day. Teller is the condition.
OUSG	watch	85	$396m	19	Watch — weekend exit is the cap. Stock slipped. The register did not open.

BUIDL — BlackRock USD Institutional Digital Liquidity Fund

Watch — weekend substitution is the instant path. A $250m stock move with 108 names unchanged is omnibus, not breadth.

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: Saturday. US banking-day cut-offs are closed. 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 closed until Monday. Instant USDC path only, capacity-limited.
Crowd: Tight. 108 public holders on $2.38bn (108 / $2.63bn on 18 Sep). 25 addresses active in 30 days. Value left. The public tally did not.
Basis: Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.

Source: RWA.xyz as of 19 Sep 2026

Watch — 36 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: Saturday. Manual primary is closed. Teller path 24/7 is the live rail.
Pledge: Used as on-chain cash-equivalent collateral in selected workflows. Not SMF-eligible.
Exit: Primary T+1 closed until Monday. Near-instant USDC via Teller only, while liquidity is posted.
Crowd: Very tight. 36 public holders on $2.55bn. Ten addresses active in 30 days. Unchanged from 18 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 19 Sep 2026

Watch — weekend exit is the cap. Stock slipped. The register did not open.

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: Saturday. 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 closed until Monday. Instant USDC only, until the cap binds.
Crowd: Tight. 85 public holders on $396m (85 / $403m on 18 Sep). 19 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 19 Sep 2026