ONyc, issued by On Re SAC Ltd., is a tokenized fund interest that represents a proportional, fractional claim on a regulated, ring-fenced Bermuda segregated account whose capital exclusively collateralizes a diversified portfolio of short-duration insurance and reinsurance contracts [S1].

Each ONyc token tracks the net asset value of the ONyc segregated account, which underwrites short-duration insurance and reinsurance contracts backed by collateral including USDC, USDG, USDT, and U.S. Treasury exposure [S2][S3]. Returns derive from reinsurance premiums paid by cedents plus yield on the collateral assets, targeting a 10 to 12% base APY [S4][S5]. ONyc is non-rebasing; NAV accretes daily with no cash distributions, and a 25 basis point fee applies on fulfilled redemptions [S1][S6].

The issuer is On Re SAC Ltd., an exempted segregated accounts company incorporated in Bermuda under the Segregated Accounts Companies Act 2000, regulated by the Bermuda Monetary Authority (BMA) under a Class F licence (Digital Asset Business Act 2018) and a Class IIGB licence (Insurance Act 1978) [S7][S4][S8]. Tokenholders hold a fractional claim on a statutorily ring-fenced account whose assets cannot meet other accounts' liabilities [S1][S9]. Direct minting and redemption require KYC and Qualified Acquirer status [S10][Skyc]. The United States, United Kingdom, and many jurisdictions are excluded [S11]. Redemptions settle in USDC or USDG, with no fixed holding period [S6].

ONyc is an SPL token issued natively on Solana, the sole supported network [S1][S6]. Holders mint by depositing USDC, USDG, or USDT and redeem via the OnRe app, where requests queue and execute at the prevailing offer price [S2][S6]. NAV used for minting and redemption is computed entirely onchain from contract-stored parameters [S6].

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  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://docs.onre.finance/introduction/onre-tokenized-reinsurance-onyc" },
    { id: "S2", url: "https://docs.onre.finance/for-capital-providers/minting-onyc.md" },
    { id: "S3", url: "https://docs.onre.finance/for-capital-providers/collateral-composition.md" },
    { id: "S4", url: "https://docs.onre.finance/technical-resources/frequently-asked-questions" },
    { id: "S5", url: "https://docs.onre.finance/introduction/yield-mechanisms.md" },
    { id: "S6", url: "https://docs.onre.finance/technical-resources/token-configuration-and-reference" },
    { id: "S7", url: "https://docs.onre.finance/legal/terms-of-use.md" },
    { id: "S8", url: "https://onre.finance" },
    { id: "S9", url: "https://docs.onre.finance/reinsurance-framework/collateral-security-and-segregation.md" },
    { id: "S10", url: "https://docs.onre.finance/for-capital-providers/open-access-vs-institutional-access.md" },
    { id: "S11", url: "https://docs.onre.finance/legal/onyc-excluded-jurisdictions.md" },
  ]}
/>


Tokenized funds

The platform operates by pooling on-chain capital and deploying it into regulated reinsurance investments across property catastrophe and specialty lines including D&O, Cyber, and Tech E&O coverage. OnRe partners with leading reinsurance brokers like Guy Carpenter and Howden to source global risk, while its ONyc token enables DeFi composability, allowing users to utilize their reinsurance yields as collateral across various protocols.

OnRe tokenizes reinsurance investments through its yield-bearing dollar asset ONyc, providing crypto investors access to the historically exclusive $800B+ reinsurance market. The platform offers stable, uncorrelated returns that are liquid and composable across DeFi protocols, particularly on Solana, while giving traditional insurers access to new sources of digital capital.

OnRe is a regulated on-chain reinsurance company that operates as a Segregated Accounts Company (SAC) under the Bermuda Monetary Authority. The company bridges traditional reinsurance markets with decentralized finance to provide institutional-grade yield products.

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Real-world asset (RWA) issuers

OnRe

Onchain Yield Coin (ONyc) is a tokenized fund share issued by OnRe through On Re SAC Ltd. and managed by On Re SAC Ltd.

Each token is a direct claim on the issuer.

The fund is open-ended, invests in multi-asset in global markets, and keeps its assets in accounts segregated from the issuer's own funds.

Its auditor is Apex Insurance Fund Services Ltd.

Accredited investors and institutions can mint and redeem directly with OnRe in USDC and USDG after completing KYC, and holders have a right to redeem at net asset value.

On Re SAC Ltd. is incorporated in Bermuda, is licensed under the Bermuda Digital Asset Business Act, and is supervised by the Bermuda Monetary Authority (BMA).

ONyc has been issued on Solana as a SPL Token token since April 2025.

Onchain Yield CoinONyc

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