TWIN-Treasuries

28 Sep 2026 · v1.1

Monday. Primary support live. Exit-Pulse ordinary. No cap notice. BUIDL $2.24bn / 107, active 28 → 24. USYC $2.40bn / 35. OUSG $393m / 85.

Watch — primary support is live. Exit-Pulse ordinary. Crowd still binds.

Weekday print. Tallies as-of 28 Sep 2026 (RWA.xyz).

Instrument	Status	Holders	Value	Activity	Condition
BUIDL	watch	107	$2.24bn	24	Watch — rail conducts. Crowd is still the weak channel. 107 names is not an MMF queue.
USYC	watch	35	$2.40bn	7	Watch — rail conducts. 35 wallets still decide whether that rail is usable.
OUSG	watch	85	$393m	21	Watch — rail conducts. Cap and the inner fund still bind the second channel.

BUIDL — BlackRock USD Institutional Digital Liquidity Fund

Watch — rail conducts. Crowd is still the weak channel. 107 names is not an MMF queue.

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.
Redemption: Open. Primary support live. No pause or cap notice. Exit-Pulse ordinary on the published rail. Instant reserve is a bound, not the state.
Crowd: Tight. 107 public holders on $2.24bn. 24 addresses active in 30 days (28 on 27 Sep). Weekend drain still sits on a flat tally.
Basis: Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.

Source: RWA.xyz as of 28 Sep 2026

Watch — rail conducts. 35 wallets still decide whether that rail is usable.

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.
Redemption: Open. Primary support live (09:00–14:00 ET, T+1). No pause published. Exit-Pulse ordinary. Teller inventory is the bound on the second rail, not the state.
Crowd: Very tight. 35 public holders on $2.40bn. Seven addresses active in 30 days. Unchanged from 27 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 28 Sep 2026

Watch — rail conducts. Cap and the inner fund still bind the second channel.

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.
Redemption: Open. Primary support live. No pause published. Exit-Pulse ordinary. Instant cap is the bound on the second rail, not the state.
Crowd: Tight. 85 public holders on $393m. 21 addresses active in 30 days. Unchanged from 27 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 28 Sep 2026