ONyc OnRe ONyc

What does the token represent?

Token ownership is not automatically direct ownership of the underlying assets.

Legal claim type

Beneficial interest

Domicile

Bermuda (SAC cell)

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.

Official website https://docs.onre.finance

Issuers, managers & service parties

• Insurer
  OnRe segregated account cell (Special Purpose Insurer)

  Bermuda — Bermuda Monetary Authority-regulated SPI segregated account cell (ONyc SA) that writes/participates in reinsurance risk backing ONyc; claims are paid from this cell's own capital.

  Verified structured · Source

• Protocol
  OnRe protocol

  Jurisdiction unresolved — Issues and administers ONyc on Solana against the SAC cell's NAV; administrative actions require multisig approval.

  Verified structured · Source

• Other
  Reinsurance cedants / counterparties

  Jurisdiction unresolved — Named cedant/counterparty roster not structured this pass (UNKNOWN).

  Researched unresolved

• Other
  Quantstamp

  Jurisdiction unresolved — Independent smart-contract auditor (Jan 2026). Role is smart-contract security review — not a financial/fund auditor and not a validator of underwriting risk.

  Verified structured · Source

• Administrator
  Apex Group

  Jurisdiction unresolved — Provides monthly independent attestations supporting NAV/reserve/portfolio reporting.

  Verified structured · Source

• Other
  Allez Labs

  Jurisdiction unresolved — External partner referenced by OnRe as supporting data integrity / verification processes; exact scope of role not structured this pass.

  Researched unresolved · Source

• Other
  Accountable

  Jurisdiction unresolved — External partner referenced by OnRe as supporting verification/attestation processes; exact scope of role not structured this pass.

  Researched unresolved · Source

What sits underneath?

Underlying assets and strategies from primary evidence only.

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.

• Reinsurance treaties
• Stablecoins
• Cash equivalents
• T-Bill exposure

Collateral pool composition (stablecoins vs. cash equivalents vs. T-Bills) may vary over time; this pack does not assert a fixed dated allocation percentage.

Verified structured · Source

How do I get my money back?

Primary redemption ≠ secondary DEX liquidity. Eligibility is scoped.

Eligible investors

UNKNOWN — eligibility criteria not fully structured this pass.

Primary redemption

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

Timing

UNKNOWN

Settlement asset

UNKNOWN

Minimum

UNKNOWN

Restrictions

UNKNOWN

Secondary liquidity

Any secondary market trading on Solana is not issuer redemption.

Researched unresolved · Source

Who holds the underlying assets?

Separate asset custody, cash custody, crypto custody, and token control.

Asset custody

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.

Cash custody

Cash equivalents and T-Bill exposure within the segregated collateral pool; named cash custodian not itemized this pass.

Crypto custody

Stablecoin holdings within the segregated collateral pool are held outside of smart contracts per OnRe's control principles; composition may vary over time.

Mint authority is a Program Derived Address (PDA); administrative actions require multisig approval.

Verified structured · Source

Regulation

Authorization is entity × jurisdiction × instrument scoped — not a brand label.

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.

Entity

OnRe segregated account cell (SPI)

Jurisdiction

Bermuda

Instrument

SPI segregated account

Authorization / registration

Bermuda Monetary Authority (BMA)

Verified structured · Source

Smart-contract / token controls

Operational controls — not a decentralization score.

Mint

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.

Burn

Burn/redemption is executed via program instruction, enforced by contract logic using NAV-based pricing.

Pause

Designated admin accounts can activate a kill switch to pause specific operations during abnormal activity.

Freeze / blacklist

SPL freeze authority exists; freezing and reactivation following a kill switch event require protocol admin multisig approval.

Upgrade

Program upgrades, mint authority management, and max-supply configuration are governed by a publicly viewable 3-of-6 protocol administration multisig.

Allowlist

KYC/AML policy gates mint/redeem participation; a separate 3-of-6 multisig governs the segregated liquidity reserve supporting redemptions.

Verified structured · Source

Tokenization layer

Chains

Solana

Official ownership record

Onchain SPL token balance on Solana mint 5Y8NV33Vv7WbnLfq3zBcKSdYPrk7g2KoiQoe7M2tcxp5.

Transfer restrictions

UNKNOWN

Token represents a beneficial interest in the SAC cell rather than a wrapped external asset.

Verified structured · Source

Research dimensions

• What does ONyc represent?

  A proportional beneficial interest in a Bermuda-regulated SPI segregated account cell exposed to reinsurance premium and collateral return — not a deposit or fund share.

  Verified structured · Source

• What happens if underwriting losses exceed premium?

  ONyc's NAV declines. Claims are validated and then paid from the ONyc SA's own segregated capital (reserves, premium income, and collateral yield); per OnRe's own disclosure, the primary risk is underwriting risk, including in extreme or correlated loss scenarios. Retrocession / reinsurance-of-reinsurance detail beyond this cell-level mechanism remains unresolved.

  Verified structured · Source

• Is the marketed ONyc APY guaranteed?

  No. Marketing target-APY language describes the underwriting/collateral mechanism, not a guaranteed or fixed rate, and is not recorded here as a dated figure.

  Verified structured · Source

• What is the exact path from an insured loss to a change in ONyc's value?

  Insured event occurs → claim is validated against policy terms → claim is paid from ONyc SA program capital → NAV is updated to reflect paid claims, reserves, premium income, and collateral yield. Bermuda SAC Act ring-fencing prevents a loss inside a different OnRe segregated account from reaching ONyc SA capital.

  Verified structured · Source