OnRe Tokenized Reinsurance (ONyc)
Subscribers see which of their clients hold this program and whether each household qualifies under these terms, and Ketju emails them when the file changes. $299 per firm per month, first 30 days free.
The verdict is on the memo: OnRe Tokenized Reinsurance (ONyc) Not approved
Eligibility
Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.
- 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; OnRe excludes the United States and the United Kingdom.
“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. The token itself carries no rights, so 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 we read do not say who can freeze ONyc; 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 | Answer |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | reinvested |
| SIPC coverage of the wallet | No |
Who controls it
Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.
| 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
Ketju read every current holder of each power from the chain on 2026-09-23. A single key is one private key, and whoever holds it acts alone. A multisig needs the stated number of signers. A timelock delays every action, so holders can see it before it takes effect.
| 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, 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 |
Redemption
| Route | 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 says it does not promise that capacity | 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; Ketju will then review the file again for the claim, the investor tests, and the holder register
- 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
Daily checks
Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s, and its market quote with yesterday’s quote, since a fund of this kind accrues a few basis points a day. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.
File history
Ketju has not revised this file since filing it. If Ketju revises it, the earlier version stays as published, with the reason.
| Date | Change |
|---|---|
| 2026-09-23 | Filed. |
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