TWIN-Treasuries

25 Oct 2026 · v1.1 · weekend

Sunday. Primary support still off. Instant / Teller path is the live rail. BUIDL active 36 → 35. USYC and OUSG unchanged.

Watch → Sunday. Instant-only. Primary still shut.

Weekend print. Tallies stamped 24 Oct 2026 (RWA.xyz). Primary windows closed until Monday.

Instrument	Status	Holders	Value	Activity	Condition
BUIDL	watch	101	$2.17bn	35	Watch → Sunday substitution is the instant path. One fewer active is not a book.
USYC	watch	29	$2.37bn	4	Watch → 29 wallets and a closed banking day. Teller is the condition.
OUSG	watch	70	$319m	9	Watch → weekend exit is the cap. Primary reopens Monday.

BUIDL — BlackRock USD Institutional Digital Liquidity Fund

Watch → Sunday substitution is the instant path. One fewer active 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. Saturday book unchanged on the tally.
Crowd: Tight. 101 public holders on $2.17bn. 35 addresses active in 30 days (36 on 24 Oct). One fewer active. Not breadth.
Basis: Token targets $1 NAV. Secondary prints thin. Basis risk is the liquidity path, not the price.

Source: RWA.xyz as of 24 Oct 2026, printed 25 Oct

Watch → 29 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.
Crowd: Very tight. 29 public holders on $2.37bn. Four addresses active in 30 days. Unchanged from 24 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 24 Oct 2026, printed 25 Oct

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. 70 public holders on $319m. 9 addresses active in 30 days. Unchanged from 24 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 24 Oct 2026, printed 25 Oct