TWIN-Treasuries

4 Oct 2026 · v1.1 · weekend

Sunday. Primary support still off. Instant / Teller path is the live rail. BUIDL 106 and USYC 35 unchanged. OUSG holders 84, active 18 → 17.

Watch — Sunday. Primary still shut. Instant path is the only exit.

Weekend print. BUIDL and USYC last stamped 3 Oct 2026. OUSG as-of 4 Oct. Primary windows closed until Monday.

Instrument	Status	Holders	Value	Activity	Condition
BUIDL	watch	106	$2.25bn	28	Watch — Sunday substitution is the instant path. The Friday book is still the book.
USYC	watch	35	$2.40bn	6	Watch — 35 wallets and a closed banking day. Teller is the condition.
OUSG	watch	84	$321m	17	Watch — weekend exit is the cap. One fewer active address is not breadth. Primary reopens Monday.

BUIDL — BlackRock USD Institutional Digital Liquidity Fund

Watch — Sunday 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: Sunday. US banking-day cut-offs remain 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.
Redemption: Instant-only. Primary support off. Instant rail still conducts, until the reserve binds. No pause notice. Saturday book unchanged.
Crowd: Tight. 106 public holders on $2.25bn. 28 addresses active in 30 days. Unchanged from 3 Oct.
Basis: Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.

Source: RWA.xyz as of 3 Oct 2026, printed 4 Oct

Watch — 35 wallets and a closed banking day. Teller is the condition.

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: Sunday. Manual primary remains 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.
Redemption: Instant-only. Primary support off. Teller rail still conducts, while liquidity is posted. No pause notice. 35 wallets unchanged.
Crowd: Very tight. 35 public holders on $2.40bn. Six addresses active in 30 days. Unchanged from 3 Oct.
Basis: Accruing NAV, not a flat $1 token. Path risk sits in Teller liquidity and banking-day cut-off.

Source: RWA.xyz as of 3 Oct 2026, printed 4 Oct

Watch — weekend exit is the cap. One fewer active address is not breadth. 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: Sunday. Non-instant 16:00 ET window remains 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.
Redemption: Instant-only. Primary support off. Instant rail still conducts, until the cap binds. No pause notice. The drain is still on an unchanged register.
Crowd: Tight. 84 public holders on $321m. 17 addresses active in 30 days (18 on 3 Oct). 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 4 Oct 2026