OnRe Tokenized Reinsurance (ONyc)
Research and shelf status are on the memo: OnRe Tokenized Reinsurance (ONyc) Adverse research finding
Who may buy, hold, transfer, and redeem
Each answer rests on the issuer’s own words, quoted from the document named under it. Ketju re-reads each document and records whether the words are still there. Where the documents say nothing, the row says so.
- What the holder owns
OnRe says each token is a proportional share of a Bermuda segregated account that backs reinsurance; the tokens bought through Open Access carry no rights against On Re SAC Ltd.
“ONyc is an onchain yield-bearing asset that represents a proportional share of a regulated segregated account used for underwriting short-duration insurance and reinsurance contracts.”
OnRe Docs: OnRe Tokenized Reinsurance (ONyc) · Opening paragraph · words found 2026-09-23
- Who may hold it
Anyone outside the excluded places may buy through Open Access without onboarding; the United States and the United Kingdom are excluded.
“Open Access is the permissionless route for acquiring ONyc.”
OnRe Docs: Open Access vs Institutional Access · Open Access (Permissionless Global Access) · words found 2026-09-23
- First purchase minimum
No minimum through Open Access.
“Permissionless participation with no minimums or operational steps”
OnRe Docs: Open Access vs Institutional Access · Open Access, Key benefits · words found 2026-09-23
- Account types
DAOs, crypto funds, accredited and institutional investors, and other qualified allocators.
“Capital providers (yield seekers): DAOs, crypto-native funds, accredited investors, institutional investors, and other qualified allocators seeking stable, uncorrelated returns.”
OnRe Docs: Frequently Asked Questions · Who can access coverage through OnRe? · words found 2026-09-23
- Who it may be transferred to
Once minted, ONyc moves freely on Solana.
“once minted, ONyc is fully transferable and can be used in liquidity pools, lending markets, structured products, and other DeFi applications.”
OnRe Docs: OnRe Tokenized Reinsurance (ONyc) · Final paragraph · words found 2026-09-23
- How a holder redeems
Only KYC’d holders who meet accredited-investor tests may redeem, against a monthly capacity target of 2.5% of NAV.
“Redemptions are available to verified ONyc holders who have completed OnRe’s KYC process and meet accredited investor requirements.”
OnRe Docs: Redemptions · FAQs, Who can redeem ONyc? · words found 2026-09-23
- Who keeps the official record
The holder’s rights come from a Participation Agreement with OnRe, not from the token; Open Access buyers have none.
“ONyc tokens accessed through this Interface do not confer any ownership, redemption, governance, or other legal or contractual rights against On Re SAC Ltd. or its affiliates.”
OnRe Docs: Open Access Interface Terms of Use (Latitude Technologies Corporation) · ONyc Tokens and the Interface · words found 2026-09-23
- What the issuer says it can freeze or take back
The documents read do not say; the mint’s freeze authority is the address OnRe’s docs call its Squads vault for collateral.
Not stated in OnRe Docs: OnRe Tokenized Reinsurance (ONyc), OnRe Docs: Token Configuration and Reference, OnRe Docs: Open Access Interface Terms of Use (Latitude Technologies Corporation), OnRe Docs: Platform Terms of Use (On Re SAC Ltd.), OnRe Docs: Frequently Asked Questions.
| Fact | What the file records |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | reinvested |
| SIPC coverage of the wallet | No |
Who can change the record
Powers read from the deployed contracts and their verified source: the token and every contract it consults on transfer. A power recorded here is the issuer’s ability, not evidence it has been used.
| Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|
| Solana | Yes | No | No | No | No | An account only a program can sign for can freeze a holder. |
Who holds the keys
Every current holder of each power, read from the chain on 2026-09-23. A single key is one private key: whoever holds it acts alone. A multisig needs the stated number of signers. A timelock makes every action wait, so holders can see it coming.
| Chain | Key | What it can do | Held by | Address |
|---|---|---|---|---|
| Solana | Mint authority | mint new tokens | an account only a program can sign for | AbpE5Y…MnNX |
| Solana | Freeze authority | freeze a holder | an account only a program can sign for | 45Ynza…jaJ5 |
Solana: 2 contract reads at block 449802159, 0 functions in verified source, 2026-09-23
- mintAuthority=AbpE5YLpdpxj2jRczG9P341Jicf67NvZsaZYrATbMnNX
- freezeAuthority=45YnzauhsBM8CpUz96Djf8UG5vqq2Dua62wuW9H3jaJ5
Where it trades
| Venue | Kind |
|---|---|
| OnRe app (Open Access and Institutional Access) | issuer primary |
| Orca, Raydium, and Jupiter on Solana | dex |
How it exits
| Path | Settlement | Fee | Settles in |
|---|---|---|---|
| Redeem with the issuer in its window | An on-chain request moves ONyc into the redemption vault; a protocol worker fills it in one or more parts at the offer price on the day of each fill, only while the vault holds enough USDC or USDG. OnRe targets monthly capacity of up to 2.5% of the account’s NAV and calls that a target, not a promise | 20 bps | USDC, USDG |
| Secondary market only; no issuer redemption | RFQ swaps against the OnRe program’s redemption vault, priced with a haircut that grows with size and recent selling, and DEX pools on Orca, Raydium, and Jupiter | USDC, USDG |
- OnRe publishes the Participation Agreement or an offering document for ONyc; the file is then re-read for the claim, the investor tests, and the record
- The mint or freeze authority on the ONyc mint changes, or the OnRe program upgrade authority FvmhydbpHGQzMUp51GmhB1fwsrkyfmnRsTg7oPwDe25f changes
- ONyc appears on a second chain
- The redemption vault stays short of pending requests for more than one month, or the global kill switch is used
- OnRe removes the United States or the United Kingdom from its excluded list
- The contract NAV falls, or OnRe lowers the annual rate stored in the contract
What the monitor reads daily
Every control function in the table above and the contracts the token consults on transfer; the token’s on-chain supply against yesterday’s; and its market quote against yesterday’s quote, since a fund of this kind accrues a few basis points a day. Every document quoted above is re-read too, and a quote that leaves its document reopens the file. A change opens a review item in the governance queue and reopens the file before any client action.
Sources
- OnRe Docs: OnRe Tokenized Reinsurance (ONyc) · primary · accessed 2026-09-23
Supports: proportional share of a Bermuda segregated account, transferable once minted, NAV updates on chain - OnRe Docs: Open Access vs Institutional Access · primary · accessed 2026-09-23
Supports: permissionless route, no minimum, KYC/KYB institutional route, Open Access outside OnRe’s regulated entities - OnRe Docs: Redemptions · primary · accessed 2026-09-23
Supports: KYC and accredited-investor redemption, 2.5% monthly target, 15% liquidity target, burn on redemption, Available Amount - OnRe Docs: ONyc Primary Redemptions · primary · accessed 2026-09-23
Supports: asynchronous request, partial fills, price at fill, 20 bps fee, global kill switch, payout to verified wallets - OnRe Docs: ONyc Excluded Jurisdictions · primary · accessed 2026-09-23
Supports: United States excluded, United Kingdom excluded - OnRe Docs: Open Access Interface Terms of Use (Latitude Technologies Corporation) · primary · accessed 2026-09-23
Supports: no rights against On Re SAC Ltd. through Open Access, interface operator - OnRe Docs: Platform Terms of Use (On Re SAC Ltd.) · primary · accessed 2026-09-23
Supports: issuer identity, registration 55347, Participation Agreement governs fees - OnRe Docs: KYC and AML Policy · primary · accessed 2026-09-23
Supports: Participation Agreement, legal title with the segregated account - OnRe Docs: Frequently Asked Questions · primary · accessed 2026-09-23
Supports: capital provider types, 10-12% target, APY absorbs claims - OnRe Docs: Token Configuration and Reference · primary · accessed 2026-09-23
Supports: mint address, mint authority PDA, program upgrade authority, Squads collateral vault, contract-set NAV - OnRe Docs: Regulatory Framework · primary · accessed 2026-09-23
Supports: BMA Class F, BMA Class IIGB