TWIN-Treasuries
22 Sep 2026 · v1.0
Weekday. BUIDL unchanged. USYC active 8 → 7. OUSG $396m → $393m, holders 84 → 85, active 19 → 20.
Watch — primary open. The weekend drain has not reversed.
Public tallies retrieved 22 Sep 2026. BUIDL page still stamped 21 Sep; USYC and OUSG as-of 22 Sep.
| Instrument | Status | Holders | Value | Activity | Condition |
|---|
| BUIDL | watch | 108 | $2.30bn | 25 | Watch — substitution holds. The weekend drain is still on the book. |
| USYC | watch | 36 | $2.51bn | 7 | Watch — crowd is still the weak channel. One fewer active address is not breadth. |
| OUSG | watch | 85 | $393m | 20 | Watch — yesterday’s missing name returned. Cap and the inner fund still bind. |
BUIDL — BlackRock USD Institutional Digital Liquidity Fund
Watch — substitution holds. The weekend drain is still on the book.
- 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. 108 public holders on $2.30bn. 25 addresses active in 30 days. Unchanged from 21 Sep.
- Basis
- Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.
Source: RWA.xyz as of 21 Sep 2026, printed 22 Sep
USYC — Circle USYC
Watch — crowd is still the weak channel. One fewer active address is not breadth.
- 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. 36 public holders on $2.51bn. Seven addresses active in 30 days (8 on 21 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 22 Sep 2026
OUSG — Ondo Short-Term US Government Bond Fund
Watch — yesterday’s missing name returned. 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. 85 public holders on $393m (84 / $396m on 21 Sep). 20 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 22 Sep 2026