RWA Yields Beyond Treasuries

Questions and Method

What yield can I earn from reinsurance-backed tokens?

On 5 November 2026, ONyc (OnRe) paid 11.0% (11.0% over 30 days), reUSDe (Re) paid 11.9% (11.8% over 30 days) and reUSD (Re) paid 6.9% (6.9% over 30 days), against SOFR at 3.97%. These are DefiLlama's spot APYs; they change daily and are not a promise of future returns.

How does reUSD generate yield?

reUSD paid 6.9% on 5 November 2026. Re's docs say offchain capital, which collateralises reinsurance contracts in US trust accounts, earns SOFR plus 250 bps, and onchain capital earns the 7-day trailing average sUSDe yield plus 250 bps. The 250 bps spread is funded by reinsurance; the rest is the base rate.

Do tokenized reinsurance products pay a spread over SOFR?

Re's do by design: 250 bps for reUSD and 850 bps for reUSDe over the base rate. On 5 November 2026, measured against SOFR: ONyc +705 bps, reUSDe +789 bps and reUSD +294 bps. OnRe's docs describe ONyc's yield as reinsurance premiums plus returns on its collateral.

How does reUSDe absorb reinsurance losses?

reUSDe is the mezzanine tranche. Losses go first to Re's own capital and reserves (the reinsurer's equity layer, $77M as of June 2026 per Re's docs), then reduce reUSDe's NAV, and only then reach reUSD. Re's docs say no underwriting year has reached reUSDe so far. In return it earns the base rate plus 850 bps (11.9% on 5 November 2026), with redemptions planned quarterly.

Is onchain reinsurance yield correlated with interest rates or crypto markets?

Only the spread comes from reinsurance results. reUSD's base is SOFR on offchain capital and sUSDe's yield on onchain capital, so it moves with rates and crypto funding: over the last 180 days its APY went from 6.0% to 6.9% while SOFR went from 3.60% to 3.97%. The tokens also carry DeFi risk: in August a 3% drop in PT-reUSD on Pendle triggered $36.4 million of liquidations on Morpho, as Castle's Re article describes, though Re's own contracts were not affected.

How is capital allocated across reinsurance treaties onchain?

At Re, part of the deposits sits in US trust accounts as collateral the reinsurer must post before it writes a treaty, and the rest stays onchain, mostly in sUSDe, to fund redemptions: at least 50% of reUSD's peak deposits. In October 2026 Re reported about $200 million onchain and $250 million offchain. Its book so far covers small business property and liability, commercial and personal vehicles, homeowners and workers' compensation, with little to no catastrophe exposure, and Re is starting to add catastrophe risk.

What are the top crypto reinsurance protocols?

Of the reinsurance tokens tracked here, by size on 5 November 2026: Re, with $381.0M across reUSD ($351.7M) and reUSDe ($29.3M), and OnRe, with $285.1M in ONyc. Size is not a quality ranking, and the two are built differently: Re splits deposits into a senior and a mezzanine token, while OnRe issues one token, ONyc.

Beyond tokenized Treasuries, what other onchain RWA yield is there?

Among products of $100M or more on 5 November 2026: preferred share dividends (apyUSD 13.5%), reinsurance (ONyc 11.0%, reUSD 6.9%), single-borrower credit (Pareto FalconX 8.1%), AAA-rated CLOs (JAAA 6.9%, STAC 5.1%), GPU-backed loans (sUSDai 6.8%), fintech and crypto credit (USD3 6.4%), home equity loans (PRIME 6.4%) and overcollateralised credit (syrupUSDC 5.1%, syrupUSDT 5.0%). Credit products depend on borrowers repaying. Castle's research describes reinsurance as a largely uncorrelated source, though only the spread comes from it.

Raw data, refreshed daily: rwa-yields.json. Free to cite with a link to this page.