TWIN-Treasuries
23 Oct 2026 · v1.1
Friday. Primary support live this session. Exit-Pulse ordinary. No cap or pause notice. BUIDL $2.19bn → $2.17bn, holders 103 → 101. OUSG $320m → $318m, active 9 → 10. USYC unchanged.
Watch → last banking day. BUIDL $2.19bn → $2.17bn, holders 103 → 101.
Friday print. Tallies as-of 23 Oct 2026 (RWA.xyz). Last US banking day of the week.
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| Instrument | Status | Holders | Value | Activity | Condition |
|---|
| BUIDL | watch | 101 | $2.17bn | 36 | Watch → rail conducts on the last banking day. Two wallets is not a book. |
| USYC | watch | 29 | $2.39bn | 4 | Watch → rail conducts. 29 wallets still decide whether that rail is usable into the weekend. |
| OUSG | watch | 70 | $318m | 10 | Watch → rail conducts. Cap and the inner fund still bind the second channel. One active is not breadth. |
BUIDL — BlackRock USD Institutional Digital Liquidity Fund
Watch → rail conducts on the last banking day. Two wallets 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. Value left a thinner tally — omnibus, not a failed window.
- Crowd
- Tight. 101 public holders on $2.17bn (103 / $2.19bn on 22 Oct). 36 addresses active in 30 days. Two names 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 23 Oct 2026
USYC — Circle USYC
Watch → rail conducts. 29 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. 29 public holders on $2.39bn. Four addresses active in 30 days. Unchanged from 22 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 23 Oct 2026
OUSG — Ondo Short-Term US Government Bond Fund
Watch → rail conducts. Cap and the inner fund still bind the second channel. One 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. 70 public holders on $318m ($320m on 22 Oct). 10 addresses active in 30 days (9 on 22 Oct). One more active. 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 23 Oct 2026