TWIN-Treasuries

1 Oct 2026 · v1.1

Thursday. Primary support live. Exit-Pulse ordinary. No cap or pause notice. BUIDL holders 106 → 105. USYC active 7 → 6. OUSG $386m → $313m, holders 84.

Watch — Redemption Open. OUSG shed ~$73m with 84 names unchanged.

Weekday print. BUIDL and USYC as-of 1 Oct 2026. OUSG page still stamped 30 Sep.

InstrumentStatusHoldersValueActivityCondition
BUIDLwatch105$2.25bn27Watch — rail conducts. Crowd is still the weak channel.
USYCwatch35$2.40bn6Watch — rail conducts. 35 wallets still decide whether that rail is usable.
OUSGwatch84$313m21Watch — rail conducts. Value left an unchanged register. 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. 105 public holders on $2.25bn (106 on 30 Sep). 27 addresses active in 30 days (26 on 30 Sep). One name off. Not breadth.
Basis
Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.

Source: RWA.xyz as of 1 Oct 2026

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. Six addresses active in 30 days (7 on 30 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 1 Oct 2026

OUSG — Ondo Short-Term US Government Bond Fund

Watch — rail conducts. Value left an unchanged register. 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 on the published rail. Instant cap is the bound on the second rail, not the state. Stock left a flat tally — omnibus, not a failed window.
Crowd
Tight. 84 public holders on $313m (84 / $386m on 30 Sep). 21 addresses active in 30 days. ~$73m left. The public tally did not. 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 30 Sep 2026, printed 1 Oct