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RWA compare

USCC vs ONyc: crypto futures carry vs reinsurance-backed yield

Evidence-domain compares only. No overall winner. · Publication ready

USCC · Bitwise Crypto Carry Fund

  • Crypto carry fund
  • Fund share
  • Futures basis
  • Ethereum +2

ONyc · OnRe ONyc

  • Reinsurance-backed
  • Beneficial interest
  • Reinsurance premium
  • Solana

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Key structural differences

  • Different yield source entirely: USCC's primary yield is crypto futures basis (carry) plus secondary staking; ONyc's yield is reinsurance premium plus collateral return inside a Bermuda-regulated segregated account (ONyc SA).
  • Different legal claim type: USCC is a fund share (a Delaware Statutory Trust series) tokenized via Superstate; ONyc is a beneficial interest in a Bermuda SAC cell tokenized on Solana.
  • Both loss-bearing mechanics are now clarified: USCC's exposure is mark-to-market basis/margin risk across CME and Coinbase futures venues plus staking risk; ONyc's exposure is underwriting claims risk against the SAC cell's reinsurance pool, ring-fenced from other OnRe programs.

Disclosures

  • Neither product's yield should be read as a guaranteed or fixed rate; both mechanisms are described without inventing a current APY.
  • USCC's basis/margin risk and ONyc's underwriting claims risk are structurally different risk categories — do not treat either as a proxy for the other's risk profile.

Domain comparison

  • Legal claim

    USCC · Bitwise Crypto Carry Fund

    Fund share — Fund share in the Bitwise Crypto Carry Fund, tokenized via Superstate FundOS. NOT equivalent to a Treasury-yield product despite holding a USTB sleeve.

    ONyc · OnRe ONyc

    Beneficial 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.

  • Yield source

    USCC · Bitwise Crypto Carry Fund

    Futures basis + Staking (Variable)

    ONyc · OnRe ONyc

    Reinsurance premium + Collateral return (Variable)

  • Underlying

    USCC · Bitwise Crypto Carry Fund

    Spot and custody positions in BTC, ETH, SOL, and XRP; staked/liquid-staked positions (staked SOL, EtherFi-wrapped eETH); USD cash collateral; a USTB short-duration Treasury sleeve; and short futures positions on CME and Coinbase (BTC, ETH, SOL, XRP) implementing the fund's cash-and-carry basis strategy.

    ONyc · OnRe ONyc

    Reinsurance 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.

  • Loss bearer

    USCC · Bitwise Crypto Carry Fund

    No traditional credit first-loss stub is documented for USCC; loss exposure instead flows through mark-to-market movement of the fund's basis/carry positions and margin, per its published holdings.

    ONyc · OnRe ONyc

    Underwriting 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.

  • Redemption

    USCC · Bitwise Crypto Carry Fund

    Daily redemption via USD or USDC (USDC redemption is processed through Circle as a third party), subject to a 5:00pm ET daily cutoff.

    ONyc · OnRe ONyc

    Redemption against the SAC cell NAV via the OnRe protocol mechanism.

  • Investor eligibility

    USCC · Bitwise Crypto Carry Fund

    Qualified Purchasers in supported jurisdictions.

    ONyc · OnRe ONyc

    UNKNOWN — eligibility criteria not fully structured this pass.

  • Custody

    USCC · Bitwise Crypto Carry Fund

    Crypto assets are custodied at Anchorage Digital; the Fund is a series of a Delaware Statutory Trust.

    ONyc · OnRe ONyc

    Capital 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.

  • Fees

    USCC · Bitwise Crypto Carry Fund

    Management fee: 0.75% annual rate of USCC's average daily Net Asset Value; accrues daily, payable monthly in arrears; no performance-based fee or allocation.

    ONyc · OnRe ONyc

    Management / 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.

  • Maturity / duration

    USCC · Bitwise Crypto Carry Fund

    Variable yield · redemption timing: Daily, 5:00pm ET cutoff for both subscriptions and redemptions.

    ONyc · OnRe ONyc

    Variable yield · redemption timing: UNKNOWN

  • Audit / assurance

    USCC · Bitwise Crypto Carry Fund

    Fund Audit (Ernst & Young LLP; Verified structured)

    ONyc · OnRe ONyc

    Smart-contract audit (Quantstamp; Verified structured)

  • Token control

    USCC · Bitwise Crypto Carry Fund

    Superstate FundOS-controlled issuance to allowlisted holders across supported networks (Ethereum, Solana, Plume) or as book-entry shares.

    ONyc · OnRe ONyc

    Mint 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.

  • Regulatory structure

    USCC · Bitwise Crypto Carry Fund

    USCC represents shares in the Bitwise Crypto Carry Fund managed by Bitwise Investment Manager, LLC, tokenized via Superstate's FundOS platform; offered to eligible/allowlisted investors, not the general public.

    ONyc · OnRe ONyc

    The 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.

  • Evidence recency

    USCC · Bitwise Crypto Carry Fund

    2026-08-30

    ONyc · OnRe ONyc

    2026-08-30

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