OnRe Tokenized Reinsurance

OnRe Tokenized Reinsurance is a product issued on Solana by a company called OnRe that aims to connect on-chain capital to reinsurance risk, that is, the insurance of insurers. Tracked under the symbol ONYC, the token is described as a yield-focused asset collateralized with stablecoins, with this collateral used to back private reinsurance contracts in the real world.

According to the product description, yield comes from two sources: income earned from reinsurance premiums and the yield of the yield-bearing stablecoin assets held as collateral. OnRe states that it is authorized to use digital assets as insurance collateral. Reinsurance returns are intended to have low correlation with financial markets; however, large loss events can lead to losses in the collateral.

ONYC is not a stablecoin; it represents a tokenized position whose value depends on the performance of the reinsurance portfolio and the collateral assets, and its market price can diverge from the published value. Lzzo.com shows DefiLlama's US dollar reference price for ONYC; the information is for tracking purposes.