Solana-Backed OnRe Launches ONe Token to Unlock Blockchain Access to $750B Reinsurance Market

OnRe, a blockchain-powered reinsurance platform, has launched its first native token, ONe, in partnership with Ethena Labs, Solana Ventures, and venture capital firm RockawayX. The move aims to open the doors of the $750 billion global reinsurance market to DeFi participants, providing users with real-world yield opportunities backed by event-driven insurance risks.

Licensed in Bermuda and operating on the Solana blockchain, OnRe is positioning itself at the intersection of traditional insurance and decentralized finance. By leveraging Ethena’s synthetic dollar infrastructure, the ONe token is built to provide structured yield from reinsurance premiums, staking returns from sUSDe (a staked version of Ethena’s USDe stablecoin), and token incentives.

Users can now deposit sUSDe into OnRe’s inaugural reinsurance pool, gaining exposure to a sector historically insulated from economic cycles. Unlike traditional markets, reinsurance yields stem from payouts related to natural disasters, accidents, or mortality risks — making them largely uncorrelated with equities or crypto assets.

“Reinsurance returns are attractive because they’re based on event-driven risks rather than market sentiment,” OnRe’s team noted. “This independence creates stable and uncorrelated returns for investors.”

Oversight for the pool is handled by an insurance committee that includes two in-house actuaries and a representative from Willis Towers Watson, one of the world’s leading insurance advisory firms. According to OnRe’s estimates, the ONe pool could offer over 30% returns in bullish conditions and around 8% during downturns — competitive with many high-yield financial products, but with a differentiated risk model.

Ethena founder Guy Young called the collaboration a milestone for DeFi:
“OnRe provides the perfect real-world use case for sUSDe, allowing over $6 billion in stable capital to earn meaningful yield by entering one of the most established financial systems globally.”

ONe tokens are minted only by whitelisted, KYC-verified participants, adhering to anti-money laundering regulations. However, secondary trading via Orca and upcoming Kamino pools will allow wider access while maintaining compliance. Because ONe is an onchain asset, it can also tap into Solana’s DeFi infrastructure, including futures funding rates and lending protocols.

Looking ahead, OnRe plans to build beyond the ONe pool. “Today we’re launching the ONe token and pool,” said Samantha Bohbot, partner and chief growth officer at RockawayX. “But this is just the beginning. Early contributors to the ONe pool will also have a stake in future ONRE token allocations and revenues.”