TWIN-Treasuries
26 Sep 2026 · v1.0 · weekend
Saturday. Primary shut. BUIDL unchanged. USYC $2.43bn → $2.40bn, holders 35. OUSG holders 85, active 20 → 21.
Watch — Saturday. Instant path only.
Weekend print. BUIDL and USYC as-of 26 Sep 2026. OUSG page still stamped 25 Sep. Primary windows closed until Monday.
| Instrument | Status | Holders | Value | Activity | Condition |
|---|
| BUIDL | watch | 107 | $2.24bn | 28 | Watch — weekend substitution is the instant path. The Friday book is still the book. |
| USYC | watch | 35 | $2.40bn | 7 | Watch — 35 wallets and a closed banking day. Stock slipped. The tally did not. |
| OUSG | watch | 85 | $391m | 21 | Watch — weekend exit is the cap. Primary reopens Monday. |
BUIDL — BlackRock USD Institutional Digital Liquidity Fund
Watch — weekend substitution is the instant path. The Friday book is still 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
- 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. 107 public holders on $2.24bn. 28 addresses active in 30 days. Unchanged from 25 Sep.
- Basis
- Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.
Source: RWA.xyz as of 26 Sep 2026
USYC — Circle USYC
Watch — 35 wallets and a closed banking day. Stock slipped. The tally did not.
- 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. 35 public holders on $2.40bn (35 / $2.43bn on 25 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 26 Sep 2026
OUSG — Ondo Short-Term US Government Bond Fund
Watch — weekend exit is the cap. Primary reopens 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
- 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 $391m. 21 addresses active in 30 days (20 on 25 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 25 Sep 2026, printed 26 Sep