OnRe Raises $5M Series A to Scale On-Chain Reinsurance on Solana

Beyond the equity round, Forward plans to deploy up to $25 million into ONyc. ONyc is OnRe’s yield-bearing tokenized reinsurance asset on Solana. The protocol currently holds over $167 million in TVL, according to DefiLlama.

The announcement came via a GlobeNewswire press release and OnRe’s official X post on May 5, 2026.

What OnRe Does

OnRe operates as a regulated on-chain reinsurance company and asset manager. It connects crypto capital to the global reinsurance market through ONyc, a composable product on Solana.

Users deposit yield-bearing stablecoins, initially Ethena’s sUSDe, into a Bermuda-regulated pool. OnRe’s actuarial team then deploys that collateral into real-world reinsurance contracts. These contracts cover property catastrophe and specialty lines like D&O, Cyber, and Tech E&O.

As a result, ONyc holders receive reinsurance premiums, typically 8-10% at base, plus collateral yield. According to DefiLlama, the protocol’s average APY sits at 11.97%. Because these returns come from reinsurance underwriting, they are largely uncorrelated to crypto market movements.

Why OnRe Raises $5M Series A Matters for On-Chain Reinsurance

The OnRe Raises $5M Series A milestone marks a shift from seed-stage validation to scaling. OnRe raised a $1.9 million seed round in March 2026. This follow-on comes just two months later, signaling accelerating investor interest.

Dan Roberts, Co-Founder and CEO of OnRe, said in the press release: “This round marks the beginning of OnRe’s scaling phase. We are focused on expanding liquidity, strengthening infrastructure, and driving global distribution.”

Proceeds will go toward underwriting capacity, Solana integrations, and team growth. At the same time, Forward’s $25 million ONyc deployment dwarfs the equity round itself.

Forward Industries Expands Its Solana Strategy

Forward Industries (NASDAQ: FWDI) has been building a Solana-focused treasury strategy. The OnRe investment extends that approach into real-world cash flows.

Ryan Navi, Chief Investment Officer of Forward Industries, said: “Forward’s investment in OnRe and ONyc marks a natural extension of our Solana treasury strategy.” He added: “We view OnRe and ONyc as a blueprint for where institutional capital is going.”

Consequently, Forward’s move signals growing NASDAQ-listed corporate interest in Solana-based RWA products.

RockawayX Deepens Its Commitment

RockawayX is not new to OnRe. The firm seeded the project and validated it as an early underwriter. It also provided initial liquidity through its credit division.

Viktor Fischer, CEO of RockawayX, said: “Watching OnRe grow from zero into a flagship RWA on Solana shows how much demand there is for new onchain yield sources.”

In a separate investment thesis article, the firm described OnRe as “a leap forward in DeFi maturity and capital efficiency.”

On-Chain Evidence and Protocol Data

ONyc is an SPL token on Solana with mint address 5Y8NV33Vv7WbnLfq3zBcKSdYPrk7g2KoiQoe7M2tcxp5. The OnRe program address is onreuGhHHgVzMWSkj2oQDLDtvvGvoepBPkqyaubFcwe.

DefiLlama tracks OnRe under the RWA category. Current TVL stands at $167.89 million, all on Solana. Annualized fees total approximately $629,618 from yield accrual and redemptions.

ONyc trades near $1.10, according to CoinGecko. Its stable price reflects the yield-bearing design. The protocol’s TVL has also grown roughly 16% in recent weeks.

How OnRe Compares to DeFi Insurance

OnRe is not the first project to bring insurance concepts on-chain. Nexus Mutual launched in 2019 on Ethereum as a smart-contract risk mutual. It now protects over $6 billion in assets. Similarly, Etherisc has pursued parametric insurance protocols.

OnRe differs in a key way. It acts as a capital partner to the global reinsurance market. It supplies crypto-native capital as compliant collateral to traditional reinsurers. This exposure is then tokenized and composable within Solana DeFi platforms like Kamino or Orca.

The regulated Bermuda entity also sets OnRe apart. It holds licenses under the Insurance Act and the Digital Asset Business Act. As a result, it offers a compliance framework that most DeFi insurance projects lack.

Risks and Open Questions After the OnRe Series A

Several unknowns remain after the OnRe Series A announcement. Forward’s $25 million ONyc deployment timeline has not been disclosed. Specific new reinsurance deals post-funding are also unknown.

General risks apply to crypto reinsurance. Smart-contract vulnerabilities could expose deposited funds. Reinsurance claims during extreme events could exceed expectations. Regulatory uncertainty outside Bermuda may also limit expansion.

The “highest-yielding institutional dollar asset” claim comes from OnRe’s own messaging. No coverage from CoinDesk, The Block, or Bloomberg has appeared at this writing.

What Comes Next for OnRe

Following the OnRe Raises $5M Series A, the protocol’s focus turns to expanding liquidity and infrastructure. The Forward partnership could push AUM well beyond the current $167 million.

For Solana’s RWA ecosystem, OnRe offers a different kind of asset. Instead of tokenized treasuries, it delivers yield backed by real-world reinsurance. If the model scales, on-chain reinsurance could become a new asset class for institutional allocators.

This is not financial advice. Crypto assets carry significant risk, and past performance does not guarantee future returns.