A yield-bearing token backed by reinsurance is set to expand beyond Solana. @onrefinance built ONyc to pay yield from reinsurance, which is insurance for insurance companies, with returns com
A yield-bearing token backed by reinsurance is set to expand beyond Solana. @onrefinance built ONyc to pay yield from reinsurance, which is insurance for insurance companies, with returns coming from premiums rather than token rewards. @plumenetwork will package it as nONYC through Plume Vaults, opening a route to @monad and other EVM chains.
Reinsurers absorb risk from flood, earthquake, wind, marine, energy and aviation coverage once primary insurers pass it along, according to Genfinity's interview with OnRe CEO Dan Roberts. OnRe tokenized exposure to that business as ONyc, which until now has lived only on Solana.
Token Terminal describes ONyc as a tokenized fund interest in a regulated Bermuda segregated account. That account underwrites short-duration insurance and reinsurance contracts. Token Terminal's overview says returns come from reinsurance premiums paid by cedents plus yield on collateral assets. It also says the token is non-rebasing, so net asset value accrues daily rather than through cash distributions.
Yield figures vary by source and date. OnRe's site has shown a base APY near 14% and a headline rate above 11%. Token Terminal lists a target of 10 to 12%. RWA.xyz data shows a 30-day APY of about 10.6%. These are estimates and not guaranteed returns.
ONyc has become one of the larger real-world asset products on Solana. Solana's own research put it at $247 million in onchain market cap and $186 million in DeFi active TVL as of late July 2026, ranking it in the top six RWA assets globally by that measure. RWA.xyz currently lists total asset value at about $292 million.
Roberts has said OnRe previously built insurance infrastructure on Ethereum and other networks before consolidating into a single product on Solana. Solana's DeFi community, he said, was willing to integrate ONyc, help set risk parameters and co-market it from launch.
The nONYC wrapper through Plume Vaults would give EVM-based users and protocols access to the same reinsurance-linked yield without bridging into Solana. For Monad, a high-performance EVM chain, it adds a real-world asset with income that does not depend on token emissions. Integrations, liquidity and risk parameters on the new chains have not been detailed, and those will shape how widely nONYC is used as collateral.
Sources:
Genfinity: OnRe's Dan Roberts on moving reinsurance premiums onchain via SolanaToken Terminal: ONyc overviewSolana: Overview of institutional real world assets on Solana
