RWA 比较
USCC 与 ONyc：加密货币期货基差与再保险支持收益之比较
仅按证据域比较。无总冠军。 · 可发布
USCC · Bitwise Crypto Carry Fund
- 加密套利基金
- 基金份额
- 期货基差
- Ethereum +2
ONyc · OnRe ONyc
- 再保险支持
- 受益权益
- 再保险保费
- Solana
主要结构差异
- 收益来源完全不同：USCC 的主要收益为加密货币期货基差（carry）加次要质押收益；ONyc 的收益则为百慕达受监管隔离帐户（ONyc SA）内的再保险保费加担保品收益。
- 法律请求权类型不同：USCC 是通过 Superstate 代币化的基金份额（德拉瓦州法定信托系列）；ONyc 则是在 Solana 上代币化、对百慕达 SAC 分帐户享有的受益权。
- 双方的损失承担机制现皆已厘清：USCC 的风险敞口为横跨 CME 与 Coinbase 期货交易场所的按市值计价基差／保证金风险，另加质押风险；ONyc 的风险敞口则为针对该 SAC 分帐户再保险资金池的承保理赔风险，并与 OnRe 其他计划隔离保护。
披露
- 两项产品的收益皆不应被解读为保证或固定利率；本文描述两者的机制时，均未虚构目前的年化收益率。
- USCC 的基差／保证金风险与 ONyc 的承保理赔风险，在结构上属于不同类别的风险——请勿将其中一项视为另一项风险特性的替代指标。
域比较
法律请求权
USCC · Bitwise Crypto Carry Fund基金份额 — Bitwise Crypto Carry Fund 的基金份额，通过 Superstate FundOS 完成代币化。尽管持有 USTB 部位，仍不等同于国债收益产品。
ONyc · OnRe ONyc受益权益 — 在百慕达受监管的隔离帐户公司（SAC）分帐户中按比例享有的受益权，该分帐户承保／参与再保险风险——并非银行存款，亦非基金份额。
收益来源
USCC · Bitwise Crypto Carry Fund期货基差 + 质押 (浮动)
ONyc · OnRe ONyc再保险保费 + 抵押品回报 (浮动)
底层
USCC · Bitwise Crypto Carry Fund包括 BTC、ETH、SOL 及 XRP 的现货与托管持仓；质押／流动性质押持仓（质押 SOL、EtherFi 包装的 eETH）；美元现金担保品；USTB 短期国债部位；以及在 CME 与 Coinbase 上的 BTC、ETH、SOL、XRP 期货空头部位，用以实现该基金的现货与期货基差（cash-and-carry）策略。
ONyc · OnRe ONyc再保险承保风险敞口，以百慕达 SAC 分帐户（ONyc SA）内持有的资本作为担保；支持该资本的担保品池由稳定币、现金等价物及为流动性与资本效率所持有的短期国库券（T-Bill）风险敞口组成。
损失承担方
USCC · Bitwise Crypto Carry FundNo 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 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.
赎回
USCC · Bitwise Crypto Carry FundDaily 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 ONycRedemption against the SAC cell NAV via the OnRe protocol mechanism.
投资者资格
USCC · Bitwise Crypto Carry FundQualified Purchasers in supported jurisdictions.
ONyc · OnRe ONycUNKNOWN — eligibility criteria not fully structured this pass.
托管
USCC · Bitwise Crypto Carry FundCrypto assets are custodied at Anchorage Digital; the Fund is a series of a Delaware Statutory Trust.
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.
费用
USCC · Bitwise Crypto Carry FundManagement 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 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.
到期 / 久期
USCC · Bitwise Crypto Carry Fund浮动收益 · 赎回时点：Daily, 5:00pm ET cutoff for both subscriptions and redemptions.
ONyc · OnRe ONyc浮动收益 · 赎回时点：UNKNOWN
审计 / 鉴证
USCC · Bitwise Crypto Carry FundFund Audit (Ernst & Young LLP; 已核验已结构化)
ONyc · OnRe ONyc智能合约审计 (Quantstamp; 已核验已结构化)
代币控制
USCC · Bitwise Crypto Carry FundSuperstate FundOS-controlled issuance to allowlisted holders across supported networks (Ethereum, Solana, Plume) or as book-entry shares.
ONyc · OnRe ONycMint authority is a Program Derived Address (PDA) only — issuance can only occur through program logic; 运营主体或私钥不得在既定规则之外铸币。
监管结构
USCC · Bitwise Crypto Carry FundUSCC 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 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.
证据时效
USCC · Bitwise Crypto Carry Fund2026-08-30
ONyc · OnRe ONyc2026-08-30
仅本地比较。禁用词：safer、better、best、recommended、best yield、winner。Day-7：不部署。