FAQ
1. What is Re Protocol?
Re Protocol is a decentralized platform that channels stablecoin capital into fully collateralized reinsurance contracts through licensed insurers. Users deposit stablecoins into Insurance Capital Layers (ICLs), which allocate capital to quota-share reinsurance agreements. In return, depositors earn yield derived from a blend of on-chain and off-chain sources, plus a token-specific spread.
2. What tokens can I deposit?
Ethena tokens: USDe, sUSDe
Traditional stablecoins: USDC, AUSD, and others
Visit the staking section of our app for the most up-to-date list of accepted assets:
3. What are reUSD and reUSDe?
Capital Tranche
Senior
Mezzanine
Accepted Collateral
USDC, USDe, sUSDe
USDe, sUSDe
Yield Mechanism
Weighted avg of SOFR (off-protocol) and 7-day trailing sUSDe rate (on-chain), plus 250 bps spread
Weighted avg of SOFR (off-protocol) and 7-day trailing sUSDe rate (on-chain), plus 850 bps spread
Liquidity
Instant redemptions when on-chain liquidity is available; queue mode when depleted
Quarterly redemption windows when capacity and regulatory collateral release allows.
Ideal For
Stablecoin holders seeking steady, lower-volatility income
Participants willing to accept mezzanine risk for a higher yield
Both tokens share the same underlying yield sources: the difference is the spread and the position in the capital stack.
4. How does the capital stack work?
The Re Protocol uses a layered capital structure to protect participants:
Reinsurance company equity: the reinsurer puts its own capital at risk first, sitting junior to all protocol capital.
reUSDe (mezzanine tranche): absorbs losses after the reinsurer's equity is exhausted. In exchange, earns a higher spread (850 bps).
reUSD (senior tranche): protected by both the reinsurer's equity and the reUSDe layer. Earns a lower spread (250 bps) with greater liquidity.
5. How is yield calculated?
Both reUSD and reUSDe earn a blended yield based on how protocol capital is deployed:
Off-protocol capital (deployed to the reinsurance company) earns at the SOFR rate.
On-chain capital (held within the protocol) earns at the 7-day trailing average sUSDe basis trade rate.
The final yield is the weighted average of these two rates, plus a token-specific spread:
reUSD: +250 bps
reUSDe: +850 bps
Token prices update daily at UTC 00:00 via Chainlink, with guardrails on maximum single-day price changes.
6. How do I deposit?
Connect your wallet (e.g., MetaMask)
Complete KYC/AML verification
Select your strategy: choose reUSD or reUSDe
Read and sign purchase agreements
Deposit assets and receive the corresponding yield token
7. How is risk managed?
All token deposits are deployed into fully collateralized quota-share reinsurance contracts backed by a licensed reinsurer.
The reinsurance company's own capital sits junior to all protocol capital, providing an additional loss buffer.
On-chain reserves are transparent by default; off-chain balances are attested daily by The Network Firm and published via Chainlink.
Critical protocol controls (oracle config, redemptions, access management, custodian management) are operated through MPC multi-signature wallets.
8. Who is eligible?
Global access, excluding participants from the U.S. and other restricted jurisdictions.
KYC/AML verification is mandatory.
Restricted countries include (but are not limited to): U.S., Iran, North Korea, Syria, Russia, Belarus, Cuba, and others as listed in our policy.
9. How do redemptions work?
reUSD: Redemptions are instant (atomic) when on-chain liquidity is available. If instant capacity is exhausted, requests move to a FIFO queue until capacity is replenished.
reUSDe: Redemptions are considered by the protocol on a quarterly basis. If regulatory and collateral release requirements allow, then redemptions are processed via windows on a pro-rata basis.
Active redemption capacity and limits are visible in real time at https://app.re.xyz/transparency.
10. How is token price updated?
At UTC 00:00 daily, the protocol recalculates the Net Asset Value (NAV) of reUSD and reUSDe:
The blended yield (weighted average of SOFR and sUSDe rates, plus spread) is converted to a daily rate and applied to the token price.
A daily oracle guardrail rejects outsized single-day price changes above the configured threshold.
View daily NAV updates and yield breakdowns at re.xyz.
Direct access to current yield and price: https://api.re.xyz/apy/get-apy
11. Why can't I see the tokens in my wallet?
If tokens aren't visible, you may need to add the token contract address manually.
reUSD:
Ethereum
0x5086bf358635B81D8C47C66d1C8b9E567Db70c72
Avalanche
0x180aF87b47Bf272B2df59dccf2D76a6eaFa625Bf
Arbitrum
0x76cE01F0Ef25AA66cC5F1E546a005e4A63B25609
Base
0x7D214438D0F27AfCcC23B3d1e1a53906aCE5CFEa
Katana
0xe08853433fDBC504240455e295B644E0F44c3B29
BNB Chain
0xbA9425EC55ee0E72216D18e0ad8BBbA2553bFb60
Ink
0x5BCf6B008bf80b9296238546BaCE1797657B05d6
reUSDe:
Ethereum
0xdDC0f880ff6e4e22E4B74632fBb43Ce4DF6cCC5a
For educational and informational purposes only. Nothing on this Site is investment, financial, legal, or tax advice, or an offer, solicitation, or recommendation to buy, sell, or hold any digital asset, including reUSD and reUSDe. Yields are not guaranteed and all figures are illustrative, not a promise of return; past performance is not a reliable indicator of future results. Digital assets involve significant risk, including total loss of principal — the Tokens are not bank deposits and are not insured by any government agency. The Tokens are available only to eligible non-U.S. persons in permitted jurisdictions and are subject to KYC/AML requirements. The binding terms of the applicable agreements govern and prevail over this summary. See our full Disclosures for important additional information.
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