> For the complete documentation index, see [llms.txt](https://docs.re.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.re.xyz/getting-started-with-re/res-products.md).
# Re's products
Re Protocol deposits user capital in two token forms: reUSD and reUSDe.
Here's how each of them and the system at large work.
## reUSD
reUSD rests at the top of Re's capital stack, meaning losses are first absorbed by reUSDe and by Re's own accumulated capital and reserves before they reach reUSD. This provides a substantial buffer, so that only severe scenarios that exhaust lower layers of capital expose reUSD to losses.
Its capital is split between onchain redemption liquidity and offchain collateral deployed to reinsurance. Its yield reflects that deployment mix and its senior position in the stack.
* The onchain redemption buffer is based on 50% of the high-water mark of reUSD deposits and is held primarily in sUSDe. Assets received during minting may be held temporarily before conversion.
* The remainder can move offchain into Regulation 114 trust accounts that collateralize reinsurance contracts.
Offchain capital earns SOFR plus 250 bps. Onchain capital earns the 7-day trailing average sUSDe yield plus 250 bps. reUSD is available for instant redemption while the liquidity buffer has capacity.
See [About reUSD](/products/about-reusd.md) for the maintained yield methodology and risk explanation, and the [Redemptions guide](/minting-and-redemptions/redemptions.md#reusd-instant-buffer) for current liquidity policy. Current APY and NAV are available on the [metrics page](https://app.re.xyz/metrics).
## reUSDe
reUSDe is built as a long-term instrument: it has a higher protocol-defined spread than reUSD in exchange for lower liquidity, with redemptions processed through periodic windows rather than instantly.
Rather than being split between onchain liquidity and offchain collateral, reUSDe capital is ultimately moved into 114 trusts for deployment as reinsurance collateral.
reUSDe earns the risk-free rate plus an 850 bps spread, reflecting its lesser liquidity. Redemption capacity is assessed quarterly based on regulatory collateral requirements and the capital available for release from active contracts.
See [About reUSDe](/products/about-reusde.md) for the maintained yield methodology and risk explanation, and the [Redemptions guide](/minting-and-redemptions/redemptions.md#reusde-quarterly-window-capital-once-active) for current quarterly-window mechanics. Current APY and NAV are available on the [metrics page](https://app.re.xyz/metrics).
## How risk is handled
Re's accumulated capital (approximately $77M as of October 2026) serves as the first-loss (junior) layer and absorbs potential losses before any impairment of reUSD or reUSDe. \
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Furthermore, Re's reinsurance portfolio itself is highly diversified across both lines of business and geography, with only modest catastrophe exposure. Full impairment of the junior layer would, therefore, in all probability require a heretofore-unseen, industry-wide loss scenario.
Accordingly, though reUSDe stands ahead of reUSD in the loss waterfall, its actual probability of capital impairment is only marginally higher than that of reUSD and remains very remote. \
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For in-depth information about Re's insurance strategy, see the applicable section on the [Re App](https://app.re.xyz/capital-strategy).
## Metrics
For real-time statistics and metrics, including TVL, redemption capacity, daily token price and supply, reserves, and reinsurance treaty performance, and a list of completed audits by firms like Sherlock, Hacken and Certora, please visit [app.re.xyz](https://app.re.xyz/).\
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***
*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*](https://re.xyz/disclosure) *for important additional information.*
