TWIN-Treasuries
11 Oct 2026 · v1.1 · weekend
Sunday. Primary support still off. Instant / Teller path is the live rail. BUIDL holders 106 → 105. USYC $2.40bn → $2.38bn, holders 35. OUSG unchanged.
Watch → Sunday. Primary still shut. Instant path is the only exit.
Weekend print. BUIDL stamped 10 Oct. USYC and OUSG as-of 11 Oct. Primary windows closed until Monday.
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| Instrument | Status | Holders | Value | Activity | Condition |
|---|
| BUIDL | watch | 105 | $2.20bn | 29 | Watch → Sunday substitution is the instant path. One wallet is not a book. |
| USYC | watch | 35 | $2.38bn | 7 | Watch → 35 wallets and a closed banking day. Teller is the condition. Value left an unchanged register. |
| OUSG | watch | 85 | $319m | 15 | Watch → weekend exit is the cap. Primary reopens Monday. |
BUIDL — BlackRock USD Institutional Digital Liquidity Fund
Watch → Sunday substitution is the instant path. One wallet is not a 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. One name off the Saturday tally.
- Crowd
- Tight. 105 public holders on $2.20bn (106 on 10 Oct). 29 addresses active in 30 days (28 on 10 Oct). 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 10 Oct 2026, printed 11 Oct
USYC — Circle USYC
Watch → 35 wallets and a closed banking day. Teller is the condition. Value left an unchanged register.
- 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. Stock slipped. The tally did not.
- Crowd
- Very tight. 35 public holders on $2.38bn (35 / $2.40bn on 10 Oct). Seven addresses active in 30 days. Flat tally.
- Basis
- Accruing NAV, not a flat $1 token. Path risk sits in Teller liquidity and banking-day cut-off.
Source: RWA.xyz as of 11 Oct 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
- 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.
- Crowd
- Tight. 85 public holders on $319m. 15 addresses active in 30 days. Unchanged from 10 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 11 Oct 2026