Plume expands distribution of reinsurance RWA asset ONyc to Monad and Ethereum

RWA-focused blockchain project Plume said it will expand distribution of ONyc, a yield-bearing asset backed by reinsurance, to Monad and Ethereum through its Plume Vaults infrastructure. Plume Vaults packages ONyc, developed by reinsurance infrastructure platform OnRe, into nONYC to make it available on Ethereum Virtual Machine-compatible networks. ONyc is based on income from reinsurance premiums and returns generated by collateral assets, and has so far traded mainly on Solana. Plume Vaults currently has more than $200 million in total value locked, while more than $225 million worth of ONyc is being used in Solana DeFi.