RWA compare
ONyc vs AUTO: what backs the yield?
Evidence-domain compares only. No overall winner. · Publication ready
ONyc · OnRe ONyc
- Reinsurance-backed
- Beneficial interest
- Reinsurance premium
- Solana
AUTO · Hastra AUTO
- Consumer credit
- Wrapped claim
- Consumer loan interest
- Solana
Key structural differences
- Different yield source: ONyc yield derives from reinsurance premium and collateral return; AUTO yield derives from consumer auto loan interest via a wrapped-claim chain (staked wYLDS → programmatic lending into the Democratized Prime Auto Pool).
- Different legal claim type: ONyc is a beneficial interest in a Bermuda-regulated segregated account (ONyc SA); AUTO is a share of the Hastra AUTO pool, a wrapped/staked claim layered over wYLDS→YLDS→Auto Pool.
- Both first-loss structures are now documented: ONyc's is underwriting claims paid from ONyc SA capital under Bermuda SAC ring-fencing; AUTO's is a reserve account (to ~2.5% of principal) plus Figure's $25M equity stub, ahead of advance-rate step-downs.
- Both now carry explicit structural disclosure: ONyc via Bermuda SPI/BMA segregation; AUTO via a Delaware statutory trust plus MRA bankruptcy remoteness.
Disclosures
- AUTO's first-loss allocation is now structured (reserve account + Figure equity stub + advance-rate mechanics) — no longer UNKNOWN as in the prior pass.
- ONyc's target-APY marketing figures are not stored here as guaranteed rates; per OnRe's own disclosure, ONyc's primary risk is underwriting risk.
- AUTO is a double-wrapped claim (AUTO→wYLDS→YLDS→Auto Pool); do not describe AUTO as directly holding auto loans.
Domain comparison
Legal claim
ONyc · OnRe ONycBeneficial interest — Proportional beneficial interest in a Bermuda-regulated segregated account (SAC) cell that underwrites/participates in reinsurance risk — not a bank deposit, not a fund share.
AUTO · Hastra AUTOWrapped claim — AUTO represents a share of the Hastra AUTO pool created by staking wYLDS: staking triggers a programmatic instruction that lends the YLDS backing that wYLDS into the Figure Democratized Prime Auto Pool. This is programmatic pool-lending exposure — NOT direct ownership of individual auto loans — and wYLDS is not the same instrument as YLDS.
Yield source
ONyc · OnRe ONycReinsurance premium + Collateral return (Variable)
AUTO · Hastra AUTOConsumer loan interest (Variable)
Underlying
ONyc · OnRe ONycReinsurance underwriting exposure collateralized by capital held inside the Bermuda SAC cell (ONyc SA); the collateral pool backing that capital is composed of stablecoins, cash equivalents, and T-Bill exposure held for liquidity and capital efficiency.
AUTO · Hastra AUTONear-prime (and some subprime) consumer auto loans secured by vehicles (new and used), originated by Agora Data and structured into standardized loan-participation tokens via Figure Forge before entering the Figure Democratized Prime Auto Pool.
Loss bearer
ONyc · OnRe ONycUnderwriting claims / reserving against the ONyc segregated account (ONyc SA) — claims are paid from that account's own capital, not from a pool shared across other OnRe programs.
AUTO · Hastra AUTOA reserve account (sinking fund) builds to approximately 2.5% of outstanding principal over time and absorbs realized credit losses before any loss reaches AUTO/wYLDS holders; Figure separately commits a $25M equity stub / seed capital to the auto loan trust as first-loss protection alongside that reserve.
Redemption
ONyc · OnRe ONycRedemption against the SAC cell NAV via the OnRe protocol mechanism.
AUTO · Hastra AUTOUnstake/redeem AUTO for underlying wYLDS/YLDS exposure per Hastra vault mechanics.
Investor eligibility
ONyc · OnRe ONycUNKNOWN — eligibility criteria not fully structured this pass.
AUTO · Hastra AUTOUNKNOWN
Custody
ONyc · OnRe ONycCapital backing ONyc is held in legally segregated accounts (ONyc SA / collateralised programme accounts under the Bermuda SAC Act) — not held in smart contracts, and not reachable through contract-level exploits.
AUTO · Hastra AUTOUnderlying auto loan receivables are pledged into a Delaware statutory trust under a Master Repurchase Agreement (MRA) between Agora and the trust — a bankruptcy-remote structure with an independent trust administrator whose only non-discretionary powers, in a default scenario, are to sell trust assets and remit proceeds to Democratized Prime lenders.
Fees
ONyc · OnRe ONycManagement / performance fee: UNKNOWN — not published as a fixed rate in this pack. Fee parameter updates are gated by the OnRe protocol administration 3-of-6 multisig, not set unilaterally.
AUTO · Hastra AUTOplatform fee: 50 bps (0.50%) Hastra platform fee, netted out of the Democratized Prime pool rate before distribution to AUTO holders.
Maturity / duration
ONyc · OnRe ONycVariable yield · redemption timing: UNKNOWN
AUTO · Hastra AUTOVariable yield · redemption timing: UNKNOWN
Audit / assurance
ONyc · OnRe ONycSmart-contract audit (Quantstamp; Verified structured)
AUTO · Hastra AUTOSmart-contract audit (—; Verified not structured)
Token control
ONyc · OnRe ONycMint authority is a Program Derived Address (PDA) only — issuance can only occur through program logic; no operator or private key can mint outside defined rules.
AUTO · Hastra AUTOAUTO is minted by the vault-stake-auto program when wYLDS is staked; the AUTO/wYLDS exchange rate is maintained via Chainlink Data Streams and updated periodically by rewards administrators (verify_price).
Regulatory structure
ONyc · OnRe ONycThe risk-bearing cell operates as a Special Purpose Insurer (SPI) segregated account regulated by the Bermuda Monetary Authority. The ONyc token itself is not represented as a licensed security in this pass.
AUTO · Hastra AUTONo single securities/lending license instrument located for the AUTO wrapper token itself this pass; the underlying YLDS layer is a separately SEC-registered face-amount certificate (see YLDS record).
Evidence recency
ONyc · OnRe ONyc2026-08-30
AUTO · Hastra AUTO2026-08-30
Local compare only. Forbidden: safer, better, best, recommended, best yield, winner. Day-7: no deploy.