TWIN-Treasuries
29 Sep 2026 · v1.1
Tuesday. Primary support live. Exit-Pulse ordinary. No cap or pause notice. BUIDL $2.24bn / 107 / 24. USYC $2.40bn / 35 / 7. OUSG $393m / 85 / 21. Unchanged from 28 Sep.
Watch — Redemption Open. Crowd still binds.
Weekday print. Public tallies last stamped 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. |
| 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.
- 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. Unchanged from 28 Sep.
- 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, printed 29 Sep
USYC — Circle USYC
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 28 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, printed 29 Sep
OUSG — Ondo Short-Term US Government Bond Fund
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 28 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, printed 29 Sep