ONyc is a yield-bearing dollar asset on Solana issued by OnRe that represents proportional ownership in a reinsurance pool. ONyc is not stablecoin, designed to maintain a fixed $1 peg. It is a NAV-based, yield-bearing asset whose value changes based on underwriting performance (premiums, claims, reserving) and collateral yield. Returns for ONyc come from two sources: reinsurance premiums earned from underwriting and yield generated on the collateral reserves. ONyc is designed to be fully composable in DeFi — it can be used as collateral for lending, borrowing, and other strategies while maintaining liquidity mechanisms to track its net asset value.