TWIN-Treasuries
16 Oct 2026 · v1.1
Friday. Primary support live this session. Exit-Pulse ordinary. No cap or pause notice. BUIDL holders 105 → 106, active 30 → 35. OUSG active 15 → 14. USYC unchanged.
Watch → last banking day. BUIDL active 30 → 35. OUSG active 15 → 14.
Friday print. BUIDL and OUSG as-of 16 Oct. USYC stamped 15 Oct (RWA.xyz). Last US banking day of the week.
Download latest CSV · Download full history · This print as JSON
| Instrument | Status | Holders | Value | Activity | Condition |
|---|
| BUIDL | watch | 106 | $2.16bn | 35 | Watch → rail conducts on the last banking day. One wallet is not a book. |
| USYC | watch | 35 | $2.38bn | 7 | Watch → rail conducts. 35 wallets still decide whether that rail is usable into the weekend. |
| OUSG | watch | 85 | $319m | 14 | Watch → rail conducts. Cap and the inner fund still bind the second channel. One fewer active is not breadth. |
BUIDL — BlackRock USD Institutional Digital Liquidity Fund
Watch → rail conducts on the last banking day. 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
- 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. After this session primary is shut until Monday.
- 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 this session. No pause or cap notice. Exit-Pulse ordinary on the published rail. Instant reserve is a bound, not the state.
- Crowd
- Tight. 106 public holders on $2.16bn (105 on 15 Oct). 35 addresses active in 30 days (30 on 15 Oct). One name on. Not breadth.
- Basis
- Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.
Source: RWA.xyz as of 16 Oct 2026
USYC — Circle USYC
Watch → rail conducts. 35 wallets still decide whether that rail is usable into the weekend.
- 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. After this session manual primary is shut until Monday.
- 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 this session (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 $2.38bn. Seven addresses active in 30 days. Unchanged from 15 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 15 Oct 2026, printed 16 Oct
OUSG — Ondo Short-Term US Government Bond Fund
Watch → rail conducts. Cap and the inner fund still bind the second channel. One fewer active is not breadth.
- 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. After this session the 16:00 window is shut until Monday.
- 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 this session. No pause published. Exit-Pulse ordinary. Instant cap is the bound on the second rail, not the state.
- Crowd
- Tight. 85 public holders on $319m. 14 addresses active in 30 days (15 on 15 Oct). One fewer active address. 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 16 Oct 2026