TWIN-Treasuries

25 Sep 2026 · v1.0

Friday. Last US banking day of the week. BUIDL unchanged. USYC $2.51bn → $2.43bn, holders 36 → 35. OUSG $388m → $391m, holders 85.

Watch — primary shuts after this session. Crowd still binds.

Public tallies retrieved 25 Sep 2026. BUIDL and USYC as-of 25 Sep; OUSG page still stamped 24 Sep.

Instrument	Status	Holders	Value	Activity	Condition
BUIDL	watch	107	$2.24bn	28	Watch — substitution holds on the last banking day. The drain since 18 Sep is still on the book.
USYC	watch	35	$2.43bn	7	Watch — one wallet out and ~$80m with it. Crowd remains the weak channel into the weekend.
OUSG	watch	85	$391m	20	Watch — cap and the inner fund still bind. Weekend exit is the instant path only.

BUIDL — BlackRock USD Institutional Digital Liquidity Fund

Watch — substitution holds on the last banking day. The drain since 18 Sep 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. After this session primary is shut until Monday.
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. 107 public holders on $2.24bn. 28 addresses active in 30 days. Unchanged from 24 Sep.
Basis: Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.

Source: RWA.xyz as of 25 Sep 2026

Watch — one wallet out and ~$80m with it. Crowd remains the weak channel into the weekend.

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. After this session manual primary is shut until Monday.
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 $2.43bn (36 / $2.51bn on 24 Sep). Seven 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 25 Sep 2026

Watch — cap and the inner fund still bind. Weekend exit is the instant path only.

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. After this session the 16:00 window is shut until Monday.
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 $391m (85 / $388m on 24 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 24 Sep 2026, printed 25 Sep