OnRe Tokenized Reinsurance wallet

What is OnRe Tokenized Reinsurance (ONYC)?

ONYC is the token you receive when you put stablecoin collateral into OnRe, a Solana protocol that deploys that collateral as capital for reinsurance contracts. Reinsurance is the business of insuring insurers: capital is pledged against a book of risks, premiums flow in, and claims flow out. ONYC represents a share of the pool doing that underwriting, so its value is tied to how those contracts perform, not to what the crypto market is doing on a given day. The pool's collateral includes sUSDe alongside other stablecoin and money-market reserves, which is part of why OnRe is tied to the Ethena ecosystem.

A few things matter for how it behaves in a wallet. ONYC is a standard SPL token on Solana: your balance is the number of shares you hold, and that number does not change by itself. The share is designed to be redeemed against the pool at a value that moves over time, so a flat balance in the app is normal, not a sign that something stalled. Every transfer costs a small amount of SOL, and the first time ONYC lands at a new address the network creates a token account for it, which takes a small SOL deposit. Keep a little SOL alongside it. Redeeming back into stablecoins goes through the protocol itself and is not instant: reinsurance capital is committed for contract periods, so withdrawals are processed with a waiting period rather than on demand. Do not confuse ONYC with ONe, the protocol's earlier token that evolved into ONYC; they are different tokens.

This is a position most holders open and then leave alone for months, which puts the weight on the key rather than on the app. In Tangem the private key is created inside the card's chip and never leaves it, and the backup is a second identical card rather than a seed phrase written on paper. For an asset whose whole point is sitting still through a contract cycle, a key that cannot be copied off the device is the right kind of storage.

Supported networks in Tangem (1): Solana.