September centered on the infrastructure around ONyc. As ONyc became the largest RWA in Solana DeFi, OnRe's work turned to what an asset at that scale needs to function as core collateral: dependable liquidity, defined borrowing terms, structured risk options, and a broader set of products for different kinds of participants. Assets under management grew 2.43% to $286.64 million, ecosystem TVL rose to $427.11 million, and the number of ONyc holders grew 10.29% to 8,936. OnRe was also named to CB Insights' list of the 50 most promising insurtech startups of 2026 as the only company in the reinsurance category.
Capital and Underwriting
Utilization reached 93.86% in September, meaning nearly all of OnRe's capital is working across reinsurance and its supporting reserves. OnRe distributed $2.67 million in yield over the month, bringing the total to $16.18 million, and ONyc closed September at $1.1508 with an APY of 11.02%. As of the 30 September snapshot, capital sits across three components:
$152.72M | On Risk Reinsurance Capital
$90.21M | Available Reinsurance Capital Held in Collateral Reserves
$43.71M | Onchain Liquidity Buffer
OnRe bound one new reinsurance deal in September, deploying $10.70 million in capital and bringing the portfolio to 30 bound deals and nearly $35 million in net premium. Underwriting activity has focused on deploying capital from the 1 July renewal season, and net capital inflows received since then are targeted for deployment in the 1 January renewals at the end of the year. The complete existing portfolio is available here.
Read more on OnRe's approach to underwriting discipline and how it's shaped through risk selection, structure, attachment points, portfolio construction, and the decision to remain selective.
Building Liquidity Into ONyc
Real-world assets face a structural liquidity challenge onchain. The capital behind them is committed for defined periods, while the markets built on top of them depend on being able to enter and exit positions at scale. As ONyc expanded across lending, leverage, fixed-rate, and tranching markets, that challenge grew in importance.
In September, OnRe became the first RWA issuer to build its own PropAMM with the launch of its Liquidity Engine, powered by Titan, to address it directly. OnRe dedicates approximately 15% of capital raised for underwriting to ONyc liquidity, with a portion held onchain for immediate execution. OnRe's smart contracts quote live prices for buying and selling ONyc, and Titan routes trades between that liquidity and secondary markets to find the best execution available. For lenders, this means more reliable conversion of collateral when needed. For leveraged participants, it means more depth to enter and unwind positions. Over time, the aim is for OnRe's own liquidity to become the primary source of ONyc liquidity across DeFi, reducing reliance on external pools as the asset grows.
ONyc Across DeFi
ONyc is now the #1 RWA on Solana by DeFi Active TVL, accounting for roughly half of all active RWA capital on the network, and ranks #4 across all chains. That position reflects depth across several venues.
The OnRe Market on Kamino passed $300 million in total size to become the largest RWA market on Solana. Supply caps were raised to 200 million ONyc and 100 million USDC to make room for continued demand, and fixed-rate borrowing went live, allowing participants to lock in an 8% USDC borrow rate against ONyc over rolling 30-day terms.
Protection also expanded. The USDG OnRe Protected Vault launched on Loopscale as an isolated market for leveraged positions in senior ONyc, with both srONyc and PT-srONyc carrying minimum principal protection of 20%. The vault gives participants a way to take leveraged exposure to reinsurance yield with a defined floor beneath the position, extending the senior tranche into a new category of onchain credit.
Treasury Diversification
OnRe converted an initial $1 million of its treasury from USDG into Solomon's USDv, adding a new yield-bearing component to the collateral backing ONyc. The position accrues rewards to OnRe and marks the start of a broader collaboration with Solomon. It also reflects OnRe's approach to reserve management, with allocations across T-bills, stablecoins, and other yield-bearing assets actively managed by OnRe's Treasury Management team. Those allocations generate additional yield for ONyc holders alongside reinsurance underwriting returns.
OnRe in Singapore
The OnRe team will be in Singapore from 5 to 10 October, attending Digital Asset Yield Summit, Solana Summit, DeFinition, Token2049, and Vault Summit throughout the week. We'll also be on stage at the following:
DeFinition
Panel: The Trust Problem in Yield-Bearing Assets
Wednesday, 7 October at 10:55am
Vault Summit
Keynote: DeFi's Risk-Adjusted Return Curve: Real-Time Product Market Fit
Friday, 9 October at 4:05pm
