What is OnRe?

OnRe is a fully licensed, collateralized reinsurer and onchain asset manager. It connects digital capital with the global reinsurance market, an industry it sizes at roughly $800 billion.

Reinsurance is the coverage that insurers buy to offload part of their own risk. It is one of the world’s largest and most established risk markets, and access has historically been reserved for large institutions.

OnRe’s insurance operations are regulated in Bermuda, one of the world’s leading reinsurance jurisdictions. Its onchain asset and flagship product, ONyc, is built on Solana and accessible globally.

ONyc is a yield-bearing asset. It turns real-world reinsurance premiums and reserve income into a liquid, transparent token that can be held and used across DeFi protocols. Returns are generated by OnRe’s underwriting activity, which makes them structurally distinct from broader crypto market movements.

OnRe serves both institutional and crypto-native investors, and ONyc is integrated across lending markets, liquidity venues, structured products, and vaults.

Why OnRe Joined Global Dollar Network

USDG was already one of the primary stablecoins used across the OnRe ecosystem, so joining Global Dollar Network extended a relationship that was already in place.

Global Dollar Network rewards its members for driving stablecoin adoption. Participants earn a share of the reserve income generated by the USDG they hold and circulate, so the value created by adoption flows back to the platforms building on USDG. For OnRe, that means the more USDG moves through its ecosystem, the more it earns from the activity it drives.

OnRe’s use of USDG also reflects a broader conviction that regulated digital dollars will play an increasingly important role in onchain finance. OnRe’s own returns originate in regulated reinsurance markets, so it has reason to want the capital flowing in through USDG to rest on an equally sound base.

USDG provides that base. It is issued by Paxos Digital Singapore, a Major Payments Institution supervised by the Monetary Authority of Singapore, and by Paxos Issuance Europe Oy under the supervision of Finland’s Financial Supervisory Authority in compliance with MiCA. Reserves are held 1:1 in US dollar deposits and short-term US Treasuries and are attested monthly. That gives OnRe a regulated dollar it can trust as it grows.

How OnRe is Using USDG

USDG is one of the primary stablecoins used throughout the OnRe ecosystem. 

It serves as an onramp into ONyc and a core asset in the DeFi markets that have formed around it. OnRe is also among the largest USDG holders onchain, a reflection of how deeply the stablecoin is integrated across its operations.

Minting ONyc

Users deposit USDG to mint ONyc. That gives them exposure to the returns generated by OnRe’s reinsurance underwriting activities, held in a liquid token they can keep or put to work elsewhere onchain.

Lending and Borrowing on Kamino

Beyond minting, USDG supports lending, borrowing, and other strategies built around ONyc. In the OnRe Market on Kamino, a lending protocol on Solana, approximately $12 million of USDG is supplied and more than $11 million is borrowed as of June, 2026. This gives holders a way to access liquidity while keeping their exposure to premium-backed economics.

Reinsurance as Onchain Collateral

OnRe shows how reinsurance cash flows can function as productive onchain collateral. 

It brings reinsurance premiums onchain and makes them usable across DeFi, creating a source of returns that behaves differently from typical crypto assets. That positions ONyc as a building block for a more diversified onchain financial system.

Membership in Global Dollar Network connects OnRe to a growing ecosystem building around USDG, opening opportunities for deeper integrations, broader distribution, and collaboration across digital asset markets.

About Global Dollar Network

Global Dollar Network is an open network designed to accelerate and reward global stablecoin adoption. It is powered by Global Dollar (USDG), a stablecoin issued by Paxos Digital Singapore Pte. Ltd. and Paxos Issuance Europe Oy.

About USDG in the EU

Paxos issues USDG in the EU through Paxos Issuance Europe Oy (“PIE”). USDG is fully redeemable from Paxos on a one-to-one basis for U.S. dollars. Further information is available at paxos.com/eu.