A reasonable criticism of RWAs like OnRe is that the real stress sits upstream of the chain, so all you can lean on is monthly attestations. Worth adding some nuance to that. The transparency limit here is structural, not @onrefinance choosing to be opaque: reinsurance losses are off-chain events that only crystallize when a treaty settles. What matters is how an issuer mitigates that, and OnRe does it two ways: a liquidity buffer deliberately kept unallocated (they cap their own yield to hold it) and a well-diversified underwriting book, both public on their transparency dashboard (app.onre.finance/earn/transp…). That is what lets you actually stress-test the asset, simulating potential NAV drawdowns from treaty concentration and cat exposure against the buffer. On the reserves: about half sit on-chain and are readable continuously (stablecoins + T-bill proxies), and the rest is the monthly cadence, BNY Mellon / Clarien custodian statements confirming the balances, plus an Apex attestation on the NAV. That stress-test lens is exactly what a venue like @kamino works through before listing it as collateral.