Introduction

Capital providers use ONyc to gain exposure to reinsurance-backed yield through a fully collateralized, onchain structure. The framework is built to give users clarity on how capital enters the system, how ONyc is created and redeemed, and how the collateral pool is constructed and monitored.

ONyc can be accessed through different pathways depending on the provider’s requirements. These access models define custody preferences, operational steps, and eligibility criteria.

Minting converts supported assets into ONyc at real-time NAV. Redemptions follow the reverse path, ensuring predictable liquidity that reflects the underlying collateral and current market conditions.

Collateral is composed of stablecoins, cash-equivalent assets, and yield-bearing components such as staked stablecoins and T-bills exposure. Each component serves a defined role in balancing safety, liquidity, and performance. The underlying assets are listed individually to give providers clear visibility into what backs ONyc at any point in time.

This structure is designed to give capital providers confidence in how their assets are handled onchain, how yield is generated, and how risk is managed across the system.