# What Re is
## Welcome to Re! Re Protocol is a decentralized platform that channels stablecoin capital into fully collateralized reinsurance contracts through licensed reinsurers. Users deposit stable tokens, which are used as collateral to back reinsurance agreements. In return, depositors earn yield derived from a blend of on-chain and off-chain sources, plus a token-specific spread. To put it more simply: Re allows individuals to access the reinsurance capital market by contributing to the capital pool that backs reinsurance programs. ### **Why this matters** Because the reinsurance market: * Has quietly been one of the best-performing asset classes for decades * Makes money from reinsurance underwriting revenue rather than market sentiment * Has historically shown low correlation to the performance of other financial markets like stocks, bonds, and crypto * Is structured on math and decades of loss data
… yet it has remained almost universally inaccessible to individuals, because under normal circumstances: * The financial barrier to entry is massive: standard participation requires a minimum investment in the millions * Participation requires industry relationships, legal infrastructure, and regulatory expertise * Successive layers of intermediaries each extract fees, driving costs even higher * The reinsurance market has always operated behind closed doors; pricing, deals, and performance data are private and inaccessible to outsiders
In other words: accessing the reinsurance markets has entry requirements that are effectively prohibitive to individuals. Re changes all that. Individuals can participate directly without the overhead or the middlemen. *** *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.* # How Re works
How Re Protocol works
A reinsurer must prove to regulators and insurers that it can pay claims even in extreme cases. It does that by holding assets against each agreement. Those assets are called **collateral**. ## Re Protocol and Cover Re SPC Ltd. It's worth noting that **Re is not itself a reinsurer**. Re is a DeFi protocol that sources capital from the DeFi markets to provide the collateral that backs reinsurance contracts. Cover Re SPC Ltd. is a reinsurer licensed and based in the Cayman Islands. It acts in partnership with Re. When Re users deposit funds with Re, they are providing the collateral with which Cover Re SPC Ltd. can deploy new reinsurance policies. **To sum up:** Re is the DeFi layer through which depositors provide capital. Cover Re SPC Ltd. deploys that capital as collateral for real-world reinsurance contracts, from which depositors earn yield backed by real-world reinsurance premiums and other protocol-derived sources.\ \ Though Cover Re SPC Ltd. is currently Re's sole reinsurance partner, the protocol plans to eventually expand capital availability to all interested reinsurers. *** *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.* *Cover Re SPC is unaffiliated with Resilience Foundation. The protocol governs token issuance and capital routing. The reinsurer operates independently under CIMA oversight.* # What reinsurance is
Reinsurance explained
Insurance companies don't want to hold all of their risk. If they did, a single bad year could bankrupt them. At the very least, year-to-year outcomes would be exposed to too much volatility. So insurers buy reinsurance: insurance for insurers. When an insurer writes a book of policies, it will often pass a portion of the premiums to a reinsurer in exchange for the reinsurer assuming a share of the risk. If losses come in lower than expected, the reinsurer keeps what's left of those premiums as margin. If losses are higher, the reinsurer helps cover the difference. Strictly speaking, the insurance market, one of the world's largest and most essential markets (everything runs on insurance), couldn't function without reinsurance. Some reinsurance terms you'll see around the docs¹:
* **Premium:** the payment an insurer makes to a reinsurer in exchange for the reinsurer assuming its risk. Premiums are the source of the yield earned by Re depositors. * **Claims:** the payments a reinsurer makes when covered losses occur. Premiums flow in, claims flow out, and the gap between the two drives underwriting profit or loss. * **Combined Ratio:** the core profitability metric for insurers and reinsurers, equal to the sum of operating costs and claims paid divided by premiums earned). Below 100% means underwriting profit; above 100% means underwriting loss. A reinsurer can still be profitable above 100% if investment income covers the gap. * **Ceding / Cedent:** when an insurer transfers risk to a reinsurer, it "cedes" that risk. The insurer is the cedent. This is the core transaction reinsurance is built around. * **Tail Risk:** the risk of severe, low-probability losses. * **Lines of Business:** the categories of risk a reinsurer writes: property, casualty, life, specialty, etc. Relevant for understanding portfolio diversification and concentration risk. * **Collateral:** Assets a reinsurer sets aside to guarantee it can pay claims. Unauthorized reinsurers (i.e., those not licensed in the cedent's home jurisdiction) post collateral directly against each contract, so the insurer can rely on it. Authorized reinsurers instead hold regulatory capital as surplus on their own balance sheet. * **114 Trust:** A segregated US trust account, meeting New York Regulation 114 standards, through which an unauthorized reinsurer posts collateral. The assets are held exclusively for the cedent, who can draw on them to pay covered claims. The reinsurer cannot touch the funds until all obligations under the contract are met, at which point any remaining assets are released back to it. *** ¹ *The terms explained here are provided as a general glossary to help readers understand reinsurance and related concepts. They are simplified for clarity, are not legal or financial advice, and do not form part of any contract. Where a defined term appears in an actual agreement, treaty, or other binding document, the definition set out in that document controls and prevails over anything stated here.*\ \ *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.* # Re's products
reUSD and reUSDe capital stack
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) for the maintained yield methodology and risk explanation, and the [Redemptions guide](/minting-and-redemptions/redemptions#reusd-instant-buffer) for current liquidity policy. Current APY and NAV are available on the [metrics page](https://app.re.xyz/metrics). ## reUSDe reUSDe takes on more risk in exchange for higher yield potential. It absorbs losses before and earns returns after reUSD. 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 the additional risk it bears as the mezzanine tranche. 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) for the maintained yield methodology and risk explanation, and the [Redemptions guide](/minting-and-redemptions/redemptions#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 If the reinsurance policies take a loss and claims exceed expectations, Re's capital and reserves and reUSDe (the mezzanine layer) absorb those losses first. Because reUSD (the senior layer) is explicitly designed for users seeking yield with lower risk exposure within the capital structure, its capital is the last to be impacted. The layered system allows you to customize your exposure. You can opt for the remoteness to loss of reUSD, the higher yield potential but higher risk of reUSDe, or a diversified strategy by holding a mix of both. ## 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/).\ \
*** *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.* # The Re App The Re App provides a comprehensive suite of user and protocol facing metrics, including:
* **User portfolio:** balance and points history * **Earning opportunities:** ways to utilize your reUSD and reUSDe * **reUSD/reUSDe dashboards:** full details on both tokens * **Points dashboard:** full Re Points breakdown * **Metrics:** comprehensive protocol metrics, including TVL, onchain capital, offchain capital, premium receivable, deposits, reUSD/reUSDe price/yield information, and a full breakdown of onchain reserves * **Capital strategy:** a full breakdown of how Re allocates and manages capital across insurance risk, including reinsurance strategy description, reinsurance treaty performance, and reinsurance portfolio breakdown
Visit the app at [app.re.xyz](https://app.re.xyz/). Note that some sections may be inaccessible to individuals in restricted jurisdictions. *** *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.* # Official links Links to Re platforms and data. ## App and dashboard * Main app: [app.re.xyz](https://app.re.xyz) * reUSD deposit page: [app.re.xyz/reusd](https://app.re.xyz/reusd) * reUSDe deposit page: [app.re.xyz/reusde](https://app.re.xyz/reusde) * Metrics dashboard: [app.re.xyz/metrics](https://app.re.xyz/metrics) * Capital Strategy dashboard: [app.re.xyz/capital-strategy](https://app.re.xyz/capital-strategy) * Re Points: [app.re.xyz/points](https://app.re.xyz/points) * Redemptions: [app.re.xyz/redeem](https://app.re.xyz/redeem) ## Live data * Current APY and NAV (JSON): [api.re.xyz/apy](https://api.re.xyz/apy) * Historical price and yield series: [api.re.xyz/price](https://api.re.xyz/price) * reUSD onchain backing: [DeBank portfolio](https://debank.com/bundles/221858/portfolio) * reUSDe onchain backing: [DeBank portfolio](https://debank.com/bundles/221859/portfolio) * Proof of reserves (attested by Chainlink, published by The Network Firm): [feed and contract reference](/products/smart-contracts#reserves-attestation) * Protocol analytics: [Dune dashboard](https://dune.com/re_protocol/re) · [DefiLlama](https://defillama.com/protocol/re) * Full API reference: [API reference](/products/api-reference) *** *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.* # Connect with us Stay updated and engage with the Re Protocol community:
* **Discord:** [discord.gg/reprotocol](https://discord.gg/reprotocol) * **X (Twitter):** [@re](https://x.com/re) * **Telegram:** [t.me/re\_protocol](https://t.me/re_protocol) * **LinkedIn:** [linkedin.com/company/re-protocol](https://linkedin.com/company/re-protocol) * **YouTube:** [youtube.com/@reprotocol](https://www.youtube.com/@reprotocol) *** *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.* # 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? * **reUSD:** USDC, USDT, USDe, and sUSDe * **reUSDe:** USDe and sUSDe See the [Minting guide](/minting-and-redemptions/minting#eligibility-and-prerequisites) for requirements. The app shows current availability: * * ## 3. What are reUSD and reUSDe? | Feature | reUSD | reUSDe | | ----------------------- | ------------------------------------------------------------------------- | ------------------------------------------------------------------------ | | **Capital Tranche** | Senior | Mezzanine | | **Accepted Collateral** | USDC, USDT, USDe, sUSDe | USDe, sUSDe | | **Yield Mechanism** | Weighted average of SOFR and the 7-day trailing sUSDe yield, plus 250 bps | Risk-free rate plus 850 bps | | **Liquidity** | Instant redemptions when on-chain liquidity is available; queue otherwise | Quarterly windows when capacity and regulatory collateral release allow | | **Ideal For** | Stablecoin holders seeking steady, lower-volatility income | Participants willing to accept mezzanine risk for higher potential yield | ## 4. How does the capital stack work? The Re Protocol uses a layered capital structure to protect participants: 1. **Reinsurance company equity (junior tranche):** the reinsurer puts its own capital at risk first, sitting junior to all protocol capital. 2. **reUSDe (mezzanine tranche):** absorbs losses after the reinsurer's equity is exhausted. In exchange, earns a higher spread (850 bps). 3. **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? **reUSD** earns a blended yield based on where protocol capital is deployed: * Off-protocol capital earns SOFR plus a 250 bps spread. * Onchain capital earns the 7-day trailing average sUSDe yield plus the same 250 bps spread. **reUSDe** earns the risk-free rate plus an 850 bps spread. Token prices update daily at UTC 00:00, with onchain guardrails on maximum single-day price changes. See [About reUSD](/products/about-reusd#how-the-price-accrues) and [About reUSDe](/products/about-reusde#why-the-yield-is-higher) for more context. Current APY and NAV are available on the [metrics page](https://app.re.xyz/metrics) and through the [`/apy` API endpoint](/products/api-reference#apy). ## 6. How do I deposit? 1. Connect your wallet (e.g., MetaMask) 2. Complete KYC/AML verification 3. Select your strategy: choose reUSD or reUSDe 4. Read and sign purchase agreements 5. 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. See the [Redemptions guide](/minting-and-redemptions/redemptions) for current thresholds, limits, and timing. ## 10. How is token price updated? At UTC 00:00 daily, the protocol recalculates the Net Asset Value (NAV) of reUSD and reUSDe: * The applicable daily yield is added to the token price. * An oracle guardrail rejects outsized single-day changes above the configured threshold. View current NAV and yield on the [metrics page](https://app.re.xyz/metrics) or through the canonical [`/apy` API endpoint](/products/api-reference#apy). ## 11. How do Re Points referrals work? Both sides get a 6% benefit, calculated differently: * If you **use** someone's link, your own daily points are multiplied by **1.06**. * If you **share** a link, you earn **bonus points equal to 6%** of each referred wallet's unboosted daily points. Those bonuses add if you refer more than one wallet. They do not multiply your own farming points. The referrer's 6% is extra points, not taken from the referred wallet. See [Referrals](/re-points/referrals) for the formula and a worked example. ## 12. 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. Use the address for the network your wallet is connected to: * [reUSD contract addresses](/products/smart-contracts#reusd) * [reUSDe contract addresses](/products/smart-contracts#reusde) *** *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.* # Re and Cover Re The difference between the Re Protocol and Cover Re SPC Ltd. Cover Re SPC Ltd. appears throughout these docs, so it is worth separating it clearly from Re Protocol: * Re Protocol is a DeFi protocol that sources capital from the DeFi markets to provide the collateral that backs reinsurance contracts. It is administered by the Resilience Foundation. * Cover Re SPC Ltd. is a reinsurer licensed and based in the Cayman Islands. It acts in partnership with Re Protocol to provide the capital to a reinsurer that uses it as collateral to back reinsurance contracts. Re Protocol is the DeFi layer through which depositors provide the collateral. Cover Re SPC deploys that collateral into real-world reinsurance treaties, from which depositors earn yield backed by real-world reinsurance premiums. Resilience Foundation and Cover Re SPC are distinct entities. Cover Re SPC is unaffiliated with the Resilience Foundation. Cover Re SPC Ltd is Re Protocol's first official reinsurance partner. Partnerships with additional reinsurance providers are planned in the future. *** *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.* *Cover Re SPC is unaffiliated with Resilience Foundation. The protocol governs token issuance and capital routing. The reinsurer operates independently under CIMA oversight.* # Governance About $RE, the protocol's governance token. $RE empowers stakers to take an active role in governing the policy layer of the Re Protocol: protocol upgrades, technical permissions, committee formation, transparency and reporting standards, staking parameters, incentive policy, and governance procedure. It does not run underwriting, claims, pricing, or regulated insurance operations.\ \ At launch, $RE governance covers Phase 1: Foundational Governance, which includes:
* Smart contract upgrades and technical permissions * Staking and bonding mechanics * Committee formation (including the Market Admissions Committee, Risk Standards Committee, Treasury and Investment Committee, Audit and Transparency Committee, and Technical Governance Committee) * Transparency and reporting standards
$RE holders who wish to participate in governance must stake their tokens. Stakers may vote on and submit governance proposals, serve as delegates, join protocol committees, perform attestation functions, and stand for additional protocol roles as they are introduced in later phases. Staking is subject to lockups, cooldowns, and unbonding periods, with slashing conditions applied for defined misconduct. A governance security budget, funded through market contributions, supports active protocol governance. Staking rewards are designed as rewards for participation in governance and other pro-protocol activities, and not as passive yield or guaranteed returns.\ \ Participation is subject to KYC/KYB, jurisdiction, allocation rules, and applicable terms.\ \ For more information, please visit [https://govern.re.xyz](https://govern.re.xyz/). ### FAQ
What is $RE? $RE is the governance token of the Re protocol. It governs market-level rules: protocol upgrades, reserve frameworks, incentive budgets, participant standards, committee mandates, staking, delegation, and common resilience capital.
Why does $RE need to exist? Re already has meaningful rules to govern. As the protocol grows, governance needs to answer who can participate, what standards apply, how incentives are allocated, how upgrades are approved, who can represent stakers, which committees control which mandates, and how common resilience capital should work during stress.
What does $RE govern? $RE governs protocol upgrades, reserve and incentive frameworks, market access standards, staking, delegation, committees, and common resilience capital for defined stress scenarios. It governs the rules of the market, not every operating decision inside the market.
What does $RE not govern? $RE does not govern day-to-day underwriting, individual treaty pricing, claims decisions, reserve views on specific accounts, trade-by-trade treasury execution, or routine operations inside regulated entities. Governance approval never overrides law, regulation, contracts, fiduciary duties, or the authority of licensed entities.
What is staking? Staking is how $RE holders participate in governance. Verified stakers vote, delegate, submit proposals, serve in governance roles, join committees, perform attestation or review work, and qualify for participation-based rewards.
Are there staking rewards? Yes, rewards are protocol-defined and should not be understood as guaranteed yield, passive income, or a share of business profits.
What is the contract address? View the [$RE contract address on Etherscan](https://etherscan.io/address/0x526526528f35ac738177003b8773b402b8df8143), or see [Smart contracts](/products/smart-contracts#re) for the full reference.

*** *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.* # $RE Tokenomics About $RE, the protocol's governance token. $RE is the governance token of the [Re Protocol](https://re.xyz/?ref=blog.re.xyz). It exists so that the users of the market can set its rules. It carries no claim on Re's revenue, earnings, or insurance flows. Here's the shape of it. | Fixed Total Supply | Ecosystem Allocation | Token Standard | Governance Model | | ------------------ | -------------------- | -------------- | ---------------- | | 1,000,000,000 | 50% | ERC-20 | Stake-to-vote | The total supply is fixed at one billion $RE, with no inflation and no perpetual emissions. Allocations are distributed across the ecosystem, investors and advisors, and core contributors.
Investor, advisor, team, and some ecosystem allocations vest over multi-year schedules, so that receiving $RE entails a long-term stake in how the market develops. See [Claims](/re-points/claims) and [Vesting + TVL requirements](/re-points/vesting-+-tvl-requirements) for more information on ecosystem vesting schedules. > **Important:** The $RE governance token does not represent equity, debt, profit-sharing, dividend or fee-distribution rights, or any claim on the revenue, earnings, insurance flows, reserves, collateral, or other assets of Re, Resilience Foundation, or their affiliates. Its only function is participation in protocol governance. Any rewards are protocol-defined and should not be understood as guaranteed yield, passive income, or a share of business profits. For more information, please visit [https://govern.re.xyz](https://govern.re.xyz/). *** *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.*
# About Re Points Wallets can earn Re Points by simply holding reUSD/reUSDe or (in greater multiples) by utilizing them in delineated ways on various protocols.\ \ All data on user points can be found at , including: * Points earned by a connected wallet and leaderboard rank * Overall data on the current season, including total points earned and leaderboard * A full accounting of all points earning opportunities Re Points **Season 1** ran from August 3, 2025, through May 31, 2026. Eligible participants received a linear share of 7% of the $RE supply.\ \ **Season 2** began on June 1, 2026, and is slated to run for approximately six months. A minimum of 3.5% of the $RE supply has been allocated. ## Referrals Referrals are two-sided. Both wallets get a 6% points benefit: * **Referred wallet:** a **1.06× boost** on the points it earns from its own holdings and eligible strategies. * **Referrer:** **bonus points equal to 6%** of each referred wallet's unboosted daily points, added on top of the referrer's own earnings. If you refer several people, those 6% amounts add together. Referring someone does not multiply your own farming points. The referrer's bonus is extra points. It is not taken from the referred wallet, and it is not a 1.06× multiplier on the referrer's own total. Get your link from [app.re.xyz/points](https://app.re.xyz/points) (`https://app.re.xyz/?ref=YOURCODE`). See [Referrals](/re-points/referrals) for the formula, a worked example, and how multiple referrals stack. *** *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.* # Referrals How Re Points referrals work for both the referrer and the referred wallet Referrals are two-sided. Both wallets get a 6% points benefit, but they are not the same kind of 6%. * **The referred wallet** (the person who used the link) gets a **1.06× boost** on the points it earns from its own holdings and eligible strategies. * **The referrer** (the person who shared the link) earns **bonus points equal to 6% of each referred wallet's unboosted daily points**. Those bonus points are added on top of whatever the referrer earns from their own holdings. The referrer's 6% is extra points. It is not taken from the referred wallet. Live totals are on [app.re.xyz/points](https://app.re.xyz/points). ## How to use a referral link 1. Connect your wallet at [app.re.xyz/points](https://app.re.xyz/points) and sign the wallet message to load your referral link. 2. Share `https://app.re.xyz/?ref=YOURCODE`. 3. The other person opens that link and connects their wallet. Attribution is first-touch: once a wallet is tied to a referrer, later links do not replace it. You cannot refer your own wallet. ## What each side earns Points are calculated daily. After a wallet's unboosted daily base points are known (balance × strategy multiplier): **Referred wallet** ``` daily points = unboosted daily base points × 1.06 ``` **Referrer** ``` referral bonus = 0.06 × (sum of each referred wallet's unboosted daily base points) total for the day = the referrer's own points + referral bonus ``` "Unboosted daily base points" means the points that wallet earned that day from holdings and eligible strategies, including those strategies' multipliers, **before** the referred wallet's own 1.06× boost. The referrer's 6% is not applied to: * the referred wallet's 1.06× boost itself * points the referred wallet earned by referring other people * wallets further down the chain (if A refers B and B refers C, A earns 6% of B only, not of C) If you refer several people, the 6% amounts **add**. Referring someone does not multiply your own farming points. ## Worked example Alice refers Bob. On a given day: * Alice's own holdings earn **20M** unboosted points. Alice did not join through a referral link. * Bob's holdings earn **100M** unboosted points. | **Wallet** | **Own points** | **Referral benefit** | **Total that day** | | ---------------- | -------------- | -------------------------------------- | ------------------ | | Bob (referred) | 100M | 100M × 6% = 6M boost on his own points | **106M** | | Alice (referrer) | 20M | 100M × 6% = 6M bonus points | **26M** | Alice does **not** receive `20M × 1.06 = 21.2M`. Bob's size is what determines Alice's referral bonus that day. If Bob had earned 1M, 100M, or 1B unboosted points, Alice's bonus would be 6% of that number. If Alice had herself joined through a referral link, her own 20M would also be multiplied by 1.06 (to 21.2M), and she would still receive the 6M referral bonus, for 27.2M that day. If Alice refers ten wallets that each earn 100M unboosted points that day: ``` Alice's total = 20M + (10 × 6M) = 80M ``` That is a sum of ten separate 6% bonuses, not `20M × 1.60` and not `20M × 1.06^10`. There is no extra multiplier on Alice's own 20M just for having referrals, and no cap on how many wallets one referrer can invite. ## What you will see in the app On [app.re.xyz/points](https://app.re.xyz/points): * **Your Referrals** lists wallets that used your link. * Referral bonus points appear as their own line in the points breakdown, separate from strategy points. * You can earn referral points even on days when you hold no reUSD or reUSDe, as long as wallets you referred earned base points that day. *** *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.* # Claims About Re Points Season One claims ### Claims for eligible participants of Re Points Season One began on June 18 The **exclusive** site for eligibility checking and claims is .\ \ Any site other than that purports to handle Re Points claims should be treated as a scam attempt and avoided. ### How to Claim 1. Navigate to the . 2. Connect your wallet. 3. Agree to the Terms of Service 4. Click "Claim." 5. Sign the transaction. \ $RE corresponding to all earned Re Points of up to 150 million for each wallet address can be claimed immediately. $RE equating to any points greater than 150 million will be subject to a vesting schedule, as outlined in the subsequent section. *** *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.* # Vesting + TVL requirements About RE vesting schedules 7% of the $RE token allocation was awarded to those who participated in Season One of Re Points.\ \ Claims begin June 18. Users may check claim eligibility and claim allocations on the Re App at [https://app.re.xyz/re](https://app.re.xyz/points).\ \ Claims will be separated into two categories: #### Up to 150 million points For each user, **regardless of total earnings,** the segment of the allocation equaling up to 150 million points earned can be claimed immediately. #### Beyond 150 million points For any user who earned more than 150 million points, the segment of the allocation corresponding to the remainder **beyond** 150 million will be subject to a vesting schedule.\ \ The amount of $RE tokens instantly claimable and subject to vest are subject to the following formula: $$ \text{Points to $RE Conversion Rate} \times (135{,}000{,}000 + \text{Total Points} \times 0.1) $$ This means that all users have at least \~10% of their total RE available to claim at TGE, while also ensuring that large claimants have a majority of their RE vested. Example calculations are as follows: | **Points** | **RE claimable at TGE** | | ---------- | ----------------------- | | ≤150M | 100% | | 500M | 37% | | 1B | 23.5% | | 10B | 11.35% | | 100B | 10.01% | The remaining vested amount is split equally into six tranches, each lasting six months (36 months total), with vesting occurring on the following dates:
TrancheVesting DateHolding Requirement (see below)
1December 18, 2026Yes
2June 18, 2027Yes
3December 18, 2027Yes
4June 18, 2028Yes
5December 18, 2028No
6June 18, 2026No
### About Holding Requirements To unlock the $RE in these tranches, claimants must maintain a level of value in the protocol during tranches 1-4 as defined in the subsequent section. If claimants do not meet these requirements, their allocation will be reduced pro-rata to their completion of the requirements. If there are subsequent tranches, their allocation and requirements will also be reduced for those. #### **Pro-rating and the cascading cap** When a user reaches less than 100% of the TVL requirement in any of tranches 1-4, then: * That tranche pays out: % of requirement reached × current max payout. * Both the max payout and the holding requirement then adjust to that same percentage of their prior values for all remaining tranches. * Because the new threshold equals what the user actually reached, the bar going forward reflects the pace they have already demonstrated. For example, let's say a user with a $3,000 TVL requirement reaches only 50% of that number during tranche 1. In that event: * They would receive only 50% of tranche 1's payout. * The threshold for tranche 2 would be lowered to match that percentage (it would become 50% of tranche 2's original TVL requirement). * Tranche 2's maximum payout would commensurately decline (to 50% of tranche 1's original maximum). * The threshold and maximum payout for tranche 2 would become the new standard for tranches 3 and 4. ### How TVL Requirements are Calculated To ensure long-term alignment of claimants with Re Protocol, TVL requirements are in place for vested claimants. The requirements are designed to be as fair as possible for all types of Season 1 participants, from users who invested heavily into YTs to users who just held reUSD/reUSDe.\ \ To make sure that users are able to meet their TVL requirements, we calculated requirements as an average over the whole of Season 1. The calculation adds up a user's USD balance for each day of the season and divides by 301, the total number of days in Season 1. Users are evaluated here not from the first day they deposited, but the first day of Season 1; if a user deposited after the season began, the balance for each of the intervening days is counted as zero. This is to ensure that a user who deposited a large amount of capital in the final days of Season 1 is not required to hold large amounts of capital for a relatively small allocation. TVL requirements are measured in USD terms, and all balances are measured as such. There are no special rules for Pendle PT and YT tokens, these are valued at market price (calculated through a time weighted average to avoid market manipulation). If claimants wish to do so, they may leverage their holdings through lending platforms such as Morpho and Fluid, in which case collateral will be counted at notional value. #### **Calculation of Tranche Average** The same formula will be used to calculate a claimant’s average TVL throughout a tranche, only substituting the duration of Season 1 with the duration of each tranche. The calculation is intended to be a running average, and it will change according to the time elapsed in the tranche and, of course, if a claimant changes their TVL. #### **Grace Period** For tranche 1, claimants are afforded a grace period of 10 days. In this grace period, claimants are permitted to hold less value than their requirements would suggest, without incurring any penalty. However, claimants who wish to begin their holding requirements during this grace period may also do so, in which case their requirements remain as normal. The grace period only applied to the first 10 days of tranche #1. #### **TVL Cap** Claimants may want to hold more or less than their average TVL requirement during each tranche. This will not diminish a claimant’s allocation as long as their average falls above or equal to their requirements, though there are certain measures in place to make sure claimants cannot fulfill their requirements by depositing a large amount of TVL during a short period of the tranche. A claimant’s TVL will count towards their average requirement up to 2.5x their required average. ### **Disputes** If your TVL has not been calculated correctly for a day, or if your requirements seem too high, please contact . *** *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.* # Reinsurance 101 A basic primer on reinsurance for newbies. ## Insurer vs. Reinsurer ### What is insurance? You know of insurance; you probably pay for some of it yourself. But what if you were asked to define insurance, what would you say? On a basic level, insurance allows an entity (be that individual, a company, or even a government) to turn uncertain financial outcomes into more predictable ones by paying a premium to an insurer. Let’s take a common example: workers’ compensation. If your workplace is generally safe, it’s possible that the premiums your employer pays will total more than the cost of the injuries that actually occur in a given year. But what if a serious accident happens? Let’s say an employee is badly injured on the job. Without workers’ compensation insurance, the employer would be responsible for paying medical bills and lost wages out of pocket. The costs would amount to far more than the total premiums. Now imagine it’s a catastrophic injury – surgeries, long-term rehabilitation, or permanent disability – or even injuries to multiple workers from a major accident. In that case, the total cost could reach well into the millions of dollars. For a small business, that cost could be major. In that scenario, insurance is also accomplishing an important associated purpose: protecting the employer from extreme outcomes that could inflict severe financial harm. So that’s insurance. What is reinsurance? Insurers provide insurance directly to the customer. Reinsurance provides insurance for insurers. Insurers pay premiums to reinsurers in exchange for protection from extreme losses of their own. Though insurance companies are often major multinational entities – many of them even traded on the stock market – that doesn’t mean they have unlimited money. And the more insurance they sell, the more they’re exposed to potential losses. Let’s say an insurance company faces a perfect storm in a given year: for example, a severe hurricane season creates an enormous volume of claims. If the company is unshielded by reinsurance, then that one year could severely strain the company financially. Insurers pay reinsurance companies to take on some of their risk. If that perfect storm hits, then the insurer is protected and can remain financially healthy into the next year. An inherent benefit is reducing financial volatility: by lessening the impact of extreme outcomes, reinsurers help insurers maintain more consistent and more predictable year-to-year financial results in the long term. No insurer wants a wildly fluctuating balance sheet, and they gladly surrender some potential profit to reinsurers in order to ensure a more consistent bottom line. ## Premiums, Claims, and Expenses The process of pricing and writing reinsurance policies is known as underwriting. The underwriting profits for an insurer in any given year come down to a simple equation: premiums minus claims and expenses. #### Premiums Premiums are payments from insurance companies to reinsurers in exchange for coverage. They compose the revenue side of the equation. In concept, they’re similar to the premiums you may pay for automotive, medical, or homeowners insurance. In practice, when and if they’re paid out can be different (more on that later). #### Claims Claims are payments made from reinsurers to insurers if losses covered by the reinsurance agreement happen. The amount of money a reinsurer pays out in claims on a given policy can vary widely based on the volume of covered events that occur. #### Expenses In this context, expenses refers to the costs of operating a business. Running a business costs money, and reinsurance is no exception. These costs can range from ubiquitous expenditures such as salaries, rent, and facility upkeep to more insurance-specific expenses such as claims investigation costs or broker commissions. ## The Combined Ratio The combined ratio is the industry-standard method of evaluating a reinsurer’s annual profitability. It’s calculated by adding together the amount spent by the insurer on claims and expenses and dividing that sum by the amount earned by the insurer in premiums, then multiplying the product by 100. Or: `100 * ((Claims + expenses) / premiums)` If a reinsurer’s combined ratio in a given year is less than 100, then the reinsurer made a profit on its policies. If it’s greater than 100, then the reinsurer operated at an underwriting loss. For example, a 90% combined ratio indicates that 90% of a reinsurer’s premiums were allocated to claims and expenses. That would be a good year! ## Why Reinsurance Exists Here’s where it gets more complicated! There are three major reasons. We’ve already gone over the first two (in less detail). #### Risk Transfer This is the “insurance for insurers” part. Insurers buy reinsurance to protect themselves from extreme outcomes by turning uncertainty into predictable premiums. Reinsurance protects them from worst-case scenarios in given coverage categories, therefore keeping a single bad year from turning into a financial disaster that could threaten the company’s solvency. #### Stabilization The variable nature of claims – that is, the frequency of covered events – means that insurance profits and losses can vary a great deal from year to year. For example, insurers that traffic heavily in hurricane insurance policies might see an extreme tropical storm season in one year followed by a very quiet one in the next. Even if an insurer has the ability to absorb enormous losses, a wildly fluctuating balance sheet would remain a major operational obstacle. The function of reinsurance in converting the possibility of major financial losses into predictable premium payments allows insurers to maintain a more stable balance sheet from year to year. #### Capital Relief US state laws require insurers to maintain a surplus of assets known as regulatory capital, which acts as a mandated buffer to ensure that claims can be paid out even in a worst-case scenario. The amount of required regulatory capital increases based on the dollar value of policies that an insurer has written, and it can amount to a very considerable sum. Transferring risk to a reinsurer lessens regulatory capital requirements, therefore freeing up some of that capital for use on growth through writing more policies, on increasing investments, or by otherwise returning better profits to shareholders. In practice, this utility often trumps the actual risk transfer itself in importance to an insurer. *** *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.* # Deal types as payoff shapes The various types of reinsurance treaties and how they function. This section will cover the various types of reinsurance treaties. The varying types of reinsurance policies are designed to meet the needs of insurers based on the nature of the risks they're covering and the kind of protection they're looking for. There are two types of reinsurance contracts: **proportional** and **non-proportional**. Each has its own subcategories. ### Proportional Treaties Proportional reinsurance contracts share a defined percentage of both the premiums and loss (that is, the percentage is always the same for both) between insurer and reinsurer. For example, a reinsurer that takes on 25% of the risk always receives 25% of the premiums. Proportional reinsurance is best suited for insurance in which losses are more frequent, more predictable, and more evenly distributed (that is, less capacity for extremity). There are two types of proportional reinsurance contracts: quota share and surplus share. #### Quota Share Quota shares represent the most common type of proportional reinsurance traded in the reinsurance market. In a quota share treaty, the reinsurer immediately takes on a percentage of the premiums across a given portfolio in exchange for immediately taking on the same percentage of the loss. All of CoverRe SPC’s current reinsurance policies are proportional quota share contracts. #### Surplus Share A surplus share treaty is a proportional reinsurance agreement where the insurer keeps a set “line” of risk and cedes the excess above that retention, policy by policy, to the reinsurer. In practice, surplus share agreements are rare. ### Non-Proportional Non-proportional reinsurance contracts require the reinsurer to pay losses above a defined threshold. Unlike proportional treaties, premiums in non-proportional treaties are not proportionally tied to risk. Non-proportional reinsurance is best suited for insurance lines with major tail risk (that is, for severity protection). Catastrophe insurance is a great example. There are three types of non-proportional reinsurance: per risk excess of loss, per occurrence excess of loss, and stop loss. #### Per-Risk Excess of Loss Per-risk excess of loss reinsurance treaties protect against large losses from a single policy. If a single insured risk produces a large loss, the reinsurer pays losses above the attachment point up to the limit. This refers to individual risks within any given policy. For example: * A reinsurer takes on a policy for 100 commercial buildings, with a $1m attachment point and a $4m limit. * If the insurer’s losses on any one of those buildings exceeds $1m, the reinsurer covers losses of up to an additional $4m. * The reinsurance treaty applies individually to each of those buildings rather than to the group as a whole. #### Per-Occurrence Excess of Loss Per-occurrence excess of loss treaties protect against large losses from a single event. For example: * A reinsurer takes on risk from a catastrophe excess of loss treaty (such as insurance against a hurricane), with a $10m attachment point and a $40m limit * If the insurer’s losses due to one hurricane exceeds $10m, the reinsurer covers up to $40m in losses past that $10m. * The reinsurance treaty applies to *all* losses from one event, rather than each claim. #### Stop Loss Stop-loss reinsurance treaties protect against a bad overall result for insurance companies. Instead of applying on a per risk or a per occurrence level, they apply across the entire insurance portfolio. As the name suggests, they aim to stop an insurance company’s losses after a certain point. For example: * A reinsurer takes on risk from an entire insurance portfolio, with a $50m attachment point and a $200m limit * If the insurer’s aggregate losses exceed $50m, the reinsurer covers up to $200m in losses past that $50m line. * *All* losses from that portfolio apply to the policy ### Catastrophe vs. Non-Catastrophe Catastrophe exposure – the total potential loss a reinsurer faces from a single large-scale event – is the primary driver of volatility in a reinsurer’s portfolio. Whether a reinsurance contract covers catastrophe or non-catastrophe losses only is a critical distinction: catastrophe reinsurance is more volatile, and more likely to result in severe losses that threaten a reinsurer’s financial solvency. #### Catastrophe Catastrophe reinsurance covers low-frequency but high-severity events such as hurricanes, floods, wildfires, and earthquakes. Even if the losses from individual claims are relatively low, they can accumulate, and one event can affect large numbers of policyholders simultaneously. #### Non-Catastrophe Non-catastrophe reinsurance covers high-frequency but low-severity losses. Covered events do not generally affect large numbers of policyholders in the same way as they do under catastrophe portfolios. Non-catastrophe reinsurance is both more stable and predictable than catastrophe reinsurance. Re focuses on writing reinsurance with little to no catastrophe exposure, thereby avoiding the sort of high volatility that catastrophe exposure can bring. *** *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.* # Underwriting, reserving, and timing ## Underwriting, Reserving, and Timing ### Risk Overview Reinsurance yield accrues with a lag. A substantial interval separates the moment a reinsurance contract is written from the moment it's effectively concluded: when the claims period has ended, all claims have been settled, and the likelihood of further claims is minimal. Throughout that interval, the reinsurer must hold reserves against possible claims, which delays profit recognition and keeps capital tied up until uncertainty declines. ### About NAV NAV stands for Net Asset Value. For reUSD and reUSDe, it's the price of each token, updated once per day. Each day, the protocol takes the previous day's NAV and adds the day's accrued yield to get the new price. That price is then reflected in the oracles the protocol maintains. The yield formula is different for each token. reUSD is the weighted average of deployed and undeployed capital. Undeployed capital earns sUSDe yield. Deployed capital earns the risk-free rate. Both use a trailing seven-day average, and an additional spread of 250bps is added on top. reUSDe earns the risk-free rate plus a spread. The current reUSDe spread is 850bps. Spreads reflect what the protocol can pay at a given time and are subject to change. ### What Reserves Are Reserves are funds that reinsurers set aside to pay both reported claims that are not fully settled and claims on covered events that have occurred but have not been reported. Reserves are continually adjusted over the lifetime of a claim and the lifetime of a reinsurance contract. For individual claims, they are set based on the expert judgment of claims experts and actuaries using information specific to the claim and other similar historical claims. They are updated as new information emerges and become more precise with claim age. Reserves matter because they determine how much of a reinsurer's capital is tied up. Capital held in reserve can't be used for investment or growth. Reinsurers have some leeway in how they set reserves, which makes reserve discipline as essential as underwriting discipline. Setting reserves honestly and conservatively (rather than optimistically) is non-negotiable. If reserves are set too low, a reinsurer can look profitable on paper and write more policies while quietly building up a shortfall; higher-than-expected claims later can then mean major financial trouble. For purposes of token NAV, reserves matter because more capital tied up in reserves means lower or slower-recognized NAV for reUSDe. ### Claim Lifecycle As claims mature and uncertainty declines, reserves can be released and previously deferred profit can be recognized, though adverse development can also move value the other way. Claims from different insurance products settle on different timelines. For example, property claims tend to settle quickly whereas workers' compensation claims can take years. The claims tail varies accordingly across reinsurance portfolios. Re specializes in lines with shorter, more predictable claims periods, where the process settles, and reserves are released, relatively quickly. ### IBNR IBNR stands for "Incurred But Not Reported." These are covered events that have already occurred but have not yet been reported to the insurer. Because the insurer doesn't yet know about them, their ultimate cost has to be modeled: an actuary estimates the probable volume and severity of unreported claims and sets aside reserves accordingly. IBNR is one major reason value at any given moment is an estimate rather than a perfectly exact number. A useful analogy is t-shirt sizing. Rather than measure each customer individually, a manufacturer sorts them into a handful of buckets (S, M, L, XL) calibrated against what's known about the population. The sizing isn't exact for any one person, but it's accurate enough to be useful. Actuaries do something similar with IBNR: they can't know each unreported claim, but they can bucket the exposure and reserve against it with reasonable confidence. ### What Duration Means in Practice Duration is the time it takes for a reinsurance contract to settle and for the capital behind it (reserves and regulatory capital or collateral) to be freed up. Duration depends heavily on the characteristics of the underlying line. In shorter-tail commercial property and selected liability lines (Re's primary areas of emphasis), claims tend to be reported and settled faster, which frees capital sooner. In lines such as workers' compensation, claims can emerge well after the policy period ends and often take years to settle, so capital unlocks much more slowly. This is why duration matters to holders: the shorter and more predictable the tail, the faster reserves convert back into capital that can earn yield, and the more efficiently the book translates underwriting profit into NAV growth. *** *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.* # About reUSD About reUSD, Re's senior tranche token. ## What reUSD is reUSD is Re Protocol's senior tranche token, a yield-accruing token built for stable, low-volatility returns. It sits at the top of the capital stack and is shielded from loss by the layers beneath it. In exchange for that protection, it earns less than reUSDe. Its onchain price accrues daily as yield compounds. See the Re App's [metrics page](https://app.re.xyz/metrics) for current figures. You can find all the addresses for reUSD and reUSDe in [this page](/products/smart-contracts#tokens). ## How the price accrues reUSD's onchain price recalculates every day at 00:00 UTC. It accrues a blended yield based on how protocol capital is deployed: * **Offchain capital** (funding the reinsurer) earns the risk-free rate (SOFR) plus 250 bps. * **Onchain capital** (held within the protocol) earns the 7-day trailing average of the sUSDe yield rate plus 250 bps. The 250 bps spread is Re's added return on top of that floor. A daily move cap limits how far the published price can move in a single day before a new price is accepted, which prevents oracle manipulation or a bad input from causing a sudden dislocation. ## The yield reUSD holders earn yield for two things. **Providing capital to licensed reinsurers.** Off-chain, that capital funds Re's partner reinsurers and supports admitted collateral held in a Regulation 114 Trust for the ceding insurers. Balances are attested by The Network Firm and published to a public Chainlink oracle. The 250 bps spread is your return for providing that capital. reUSD holders are not paid to absorb underwriting losses. That risk sits below reUSD in the stack, in reUSDe and the reinsurer's own equity. ## How reUSD is protected reUSD's principal protection is structural, not absolute. Underwriting losses are absorbed in this order, and only reach reUSD once the layers in front of it are exhausted: 1. The reinsurer's own equity, the junior layer ($77M as of June 2026). 2. reUSDe, the mezzanine tranche. 3. reUSD, last. In the November 2025 stress model, a severe 135% combined-ratio environment produced an estimated 0.03% probability of reUSD impairment. It is also a far cry from the 92% Combined Ratio Re has run across all lines of reinsurance to date (as of June 2026). Re has posted a combined ratio below 100% in every underwriting year since inception. See [Scenario walkthroughs](/capital-stack-and-loss-waterfall/scenario-walkthroughs#how-far-this-is-from-impairing-reusd-or-reusde) for the assumptions behind that estimate.
*reUSD is the senior tranche: it is the last to absorb losses, only after the junior layer (Re's accumulated capital and reserves) and the mezzanine tranche (reUSDe) are both exhausted.* ## How to enter and exit **Entering (minting).** See the [Minting guide](/minting-and-redemptions/minting). In short: connect wallet → complete KYC → deposit an accepted stablecoin → accept the terms and Token Purchase Agreement → reUSD is minted to your wallet. **Exiting (instant redemption).** While the onchain buffer holds more than 1% of total reUSD supply, you can redeem instantly in the same block. Total instant redemptions are capped at 20% of available redemption capacity per day, with a per-wallet cap of 10% of that daily pool. You receive your deposit asset at reUSD's current accrued price, less the 0.06% redemption fee. Once the daily cap is reached, further instant redemptions resume the next day. If the buffer falls below the 1% threshold, redemptions move to the quarterly queue. See the [Redemptions guide](/minting-and-redemptions/redemptions#reusd-instant-buffer) for the full policy. *** *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.* # About reUSDe About reUSDe, Re's mezzanine tranche token. ## What reUSDe is reUSDe is Re Protocol's **mezzanine tranche token** that sits between the reinsurer's equity and the senior reUSD tranche. Whereas reUSD is designed for capital preservation, reUSDe is designed for **return maximization**: it earns a substantially higher potential yield in exchange for absorbing potential underwriting losses before reUSD holders are affected. See the Re App's [metrics page](https://app.re.xyz/metrics) for current figures. You can find all the addresses for reUSD and reUSDe in [this page](/products/smart-contracts#tokens). ## Why the yield is higher reUSDe earns the risk-free rate plus an 850 bps (8.5%) spread, against a 250 bps spread for reUSD. The base rate is the reference carry on the assets backing the token. The 8.5% spread is the premium reUSDe earns from Re's regulated reinsurance underwriting, and it's wider than reUSD's because reUSDe sits in the mezzanine tranche and absorbs losses first. reUSDe is the second layer to take portfolio losses. If Re's reinsurance portfolio produces losses beyond the reinsurer's own equity layer ($77M as of June 2026), the excess reduces reUSDe's NAV before reUSD is touched. In a year with no qualifying losses, that layer isn't drawn and reUSDe holders earn the full spread for carrying the risk. No underwriting year has reached reUSDe to date. It remains a loss-absorbing instrument: its NAV tracks the performance of the underlying contracts and can fall. In the November 2025 stress model, a severe 135% combined-ratio environment produced an estimated 0.9% probability of reUSDe impairment, compared with 0.03% for reUSD. It is also a far cry from the 92% Combined Ratio Re has run across all lines of reinsurance to date (as of June 2026). See [Scenario walkthroughs](/capital-stack-and-loss-waterfall/scenario-walkthroughs#how-far-this-is-from-impairing-reusd-or-reusde) for the assumptions behind those estimates. ## How it fits in the waterfall
Re capital stack waterfall
*reUSDe is the mezzanine tranche: it absorbs losses after the junior layer (Re's accumulated capital and reserves) is exhausted but before reUSD holders are affected.* ## How to enter and exit ### Entering (minting) Follow the [Minting guide](/minting-and-redemptions/minting): connect wallet → complete KYC → accept the terms and Token Purchase Agreement → deposit USDe or sUSDe → mint reUSDe to your wallet. ### Exiting (quarterly redemption window) Redemptions are planned to run quarterly. Before each window, Re's independent actuary determines how much surplus capital can be released from active treaties and trust accounts. That amount is also governed by regulatory requirements, and collateral cannot be released without regulatory approval. The released surplus funds the redemption pool for that window, which is the amount available to pay out, denominated in sUSDe. See the [Redemptions guide](/minting-and-redemptions/redemptions#reusde-quarterly-window-capital-once-active) for a summary. #### The process **1. Submit your request** During the announced window, submit a request for the amount of reUSDe you want to redeem. You need to be KYC approved, and the window has to be open. While the window is open, you can increase, decrease, or cancel your request at any time before the submission deadline. Your reUSDe is held by the redemption contract from the moment you submit until you claim or cancel. **2. Window closes and settles** After the submission deadline passes, Re closes the window. The reUSDe redemption price (NAV) is locked in, the pool is funded with the released surplus, sized within actuarial and regulatory limits, and a single fill rate is set for everyone in the window. **3. Pro-rata fill** If total requests come to the available surplus or less, every request is filled in full. If requests are larger than the surplus, each holder is filled at the same proportional rate. Everyone in the window is treated equally, with no queue and no seniority ordering. **4. Claim your payout** Once the window settles, the claim period opens and runs for 30 days. When you claim, you receive your payout in sUSDe. Any unfilled reUSDe is returned to your wallet in the same claim transaction. KYC is checked again when you claim. {% hint style="warning" %} **Don't miss the claim window.** If the 30-day claim period elapses without you claiming, the sUSDe payout for that window is forfeited and only your original reUSDe is returned (it is never burned unless you claim). Set a reminder for when claims open. {% endhint %} *** *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.* # Comparing reUSD/reUSDe A comprehensive comparison of reUSD and reUSDe. ## Risk / Return comparison table | | **reUSD** | **reUSDe** | | --------------------------- | ------------------------------------------------------------ | -------------------------------------------------------------------------- | | **Tranche** | Senior | Mezzanine | | **Current yield** | [**View on app**](https://app.re.xyz/reusd) | [**View on app**](https://app.re.xyz/reusd) | | **Yield source** | Blend of SOFR and sUSDe yield + 250 bps | SOFR + 850 bps | | **Tranche** | Senior; reUSDe (mezzanine) and Re equity absorb losses first | Mezzanine; absorbs losses after Re equity but before reUSD | | **Deposit assets accepted** | USDC, USDT, USDe, sUSDe | USDe, sUSDe | | **Minimum hold** | None | 40 days | | **Instant redemption** | Yes, while buffer > 1% of supply | No | | **Scheduled redemption** | Quarterly queue if buffer exhausted | Quarterly windows only when regulator allows sufficient collateral release | | **Pro-rata risk** | Only in quarterly queue mode | Always; fills depend on available collateral | | **NAV update** | Daily (UTC 00:00) | Daily (UTC 00:00) | | **Redemption fee** | 0.06% | Refer to current fee schedule | | | **reUSD** | **reUSDe** | | --------------------------- | ------------------------------------------------------------ | -------------------------------------------------------------------------- | | **Tranche** | Senior | Mezzanine | | **Current yield** | [**View on app**](https://app.re.xyz/reusd) | [**View on app**](https://app.re.xyz/reusd) | | **Yield source** | ( Blend of Risk-free rate and sUSDe yield ) + 250 bps | Risk-free rate + 850 bps | | **Tranche** | Senior; reUSDe (mezzanine) and Re equity absorb losses first | Mezzanine; absorbs losses after Re equity but before reUSD | | **Deposit assets accepted** | USDC, USDT, USDe, sUSDe | USDe, sUSDe | | **Minimum hold** | None | 40 days | | **Instant redemption** | Yes, while buffer > 1% of supply | No | | **Scheduled redemption** | Quarterly queue if buffer exhausted | Quarterly windows only when regulator allows sufficient collateral release | | **Pro-rata risk** | Only in quarterly queue mode | Always; fills depend on available collateral | | **NAV update** | Daily (UTC 00:00) | Daily (UTC 00:00) | | **Redemption fee** | 0.06% | Refer to current fee schedule | ## Scenario outcomes The following scenarios use Re's actual performance track record and the November 2025 stress model. Re has run a 92% Combined Ratio across all lines of reinsurance to date (as of June 2026). The current portfolio spans **$358M in total premium** across small business commercial (41%), commercial auto (28%), workers' compensation (18%), homeowners (12%), and personal auto (1%), all low-volatility, catastrophe-lite lines. ### Normal year: combined ratio \~92% (consistent with Re's 2022–2026 track record) | | **reUSD** | **reUSDe** | | ------------------------- | ------------------------------------------------- | ------------------------------------------------------------------------------------ | | **NAV outcome** | Accrues daily at risk-free rate + 250 bps | Accrues daily toward tNAV at risk-free rate + 850 bps; tNAV confirmed at quarter-end | | **Approximate yield** | \~6–9% APY depending on rate environment | \~12–20%+ APY depending on underwriting result | | **Capital impairment** | None | None | | **Redemption experience** | Instant buffer available but limited; smooth exit | Quarterly window; expected 100% fill | | **Secondary market** | Trades at or very near NAV | Modest discount reflecting queue timing; tightens as window approaches | ### Bad year: combined ratio \~105–110% (elevated frequency losses, no major catastrophe) | | **reUSD** | **reUSDe** | | ------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------- | | **NAV outcome** | Likely unchanged; reinsurer equity and reUSDe absorb any losses first (minuscule probability at 115% combined ratio in stress scenarios) | tNAV may be revised downward at quarterly close if losses exceed reinsurer equity layer (0.9% probability at 115% combined ratio in stress scenarios) | | **Approximate yield** | Reduced (lower premium flows) but spread preserved | Reduced or near-zero for the year depending on severity | | **Capital impairment** | Very unlikely | Possible partial tNAV impairment | | **Redemption experience** | Instant buffer may be lower; queue mode possible | Quarterly window; pro-rata fill may be below 100% if surplus is constrained | | **Secondary market** | Stable; slight discount if queue timing is a concern | Wider discount as market prices in uncertainty ahead of quarterly tNAV confirmation | ### Extreme year: combined ratio \~135% (modelled stress scenario; outside historical experience) | | **reUSD** | **reUSDe** | | ------------------------- | --------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------- | | **NAV outcome** | 0.03% probability of impairment (effectively protected) | 115% combined ration, probability of meaningful tNAV write-down | | **Approximate yield** | Compressed but likely positive | Potentially negative for the year | | **Capital impairment** | Extremely remote | Possible; severity depends on portfolio loss distribution | | **Redemption experience** | Quarterly queue mode likely; instant buffer probably depleted | Quarterly window with reduced or zero fill; multi-quarter queue likely | | **Secondary market** | Modest discount; Curve pool as alternative exit | Significant discount to NAV possible; pool depth may be thin | | **Protocol response** | Daily NAV + Chainlink attestations continue; governance emergency pause available | Actuary formally revises tNAV; Re communicates through official channels; rollover queues retain seniority and continue earning yield | **Portfolio context**: A 135% combined ratio is a severe stress scenario well outside Re's historical range. The portfolio's deliberate focus on cat-lite, short-duration, frequency-based programs (with contractual loss-ratio limits and sliding-scale ceding commissions on most arrangements) materially reduces the likelihood of reaching this threshold compared to a catastrophe-exposed reinsurance portfolio. *** *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.* # Risks The material risks stakers face, and how Re mitigates them. ## Underwriting loss Underwriting loss serves as the core risk to stakers. If losses and expenses exceed premiums in any given year, NAV could conceivably decline (though Re's accumulated capital and reserves stand as a considerable barrier to this). Re mitigates the chance of underwriting loss through diversification across lines of business and geography, strict limits to catastrophe exposure, and defined per-program loss limits. ## Liquidity and redemption constraints Insurance collateral is locked into treaties for their duration. This stands in the way of instant redemptions, especially for reUSDe. reUSD maintains an onchain liquid reserve for redemptions. Should that reserve be exhausted, however, redemption requests will queue until capacity replenishes. reUSDe processes redemptions in quarterly windows only. Secondary liquidity is available via Curve pools, but at market price (and subject to inherent liquidity constraints). ## What can make NAV decrease NAV goes down when claims and expenses exceed premiums earned in a given period. Re's capital is transferred to its partner reinsurer, Cover Re SPC, to be used as collateral for backing of new reinsurance treaties. Should insured losses in the portfolio prove to be greater than expected, the protocol absorbs the overall loss. Re's insurance underwriting strategy is deliberately conservative, with a focus on low-volatility, catastrophe-lite lines. That said, it should be borne in mind that no reinsurer enjoys total immunity from loss. As mentioned, however, Re's Insurance Capital Layers structure helps to shield reUSD and reUSDe from losses. Actual impairment of reUSDe would require severe losses across the breadth of Re's diversified portfolio. Impairment of reUSD is less likely still. *** *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.* # Smart contracts A complete reference of Re Protocol's deployed contracts and controller wallets. All addresses are verifiable on the relevant block explorer. *** ## Tokens ### reUSD Senior tranche. [Learn about reUSD](/products/about-reusd).
ChainAddress
Ethereum0x5086bf358635B81D8C47C66d1C8b9E567Db70c72
Avalanche0x180aF87b47Bf272B2df59dccf2D76a6eaFa625Bf
Arbitrum0x76cE01F0Ef25AA66cC5F1E546a005e4A63B25609
Base0x7D214438D0F27AfCcC23B3d1e1a53906aCE5CFEa
MegaETH0xD25f563e12FF616262F8c947feC108db934F8059
Katana0xe08853433fDBC504240455e295B644E0F44c3B29
BNB Smart Chain0xbA9425EC55ee0E72216D18e0ad8BBbA2553bFb60
Ink0x5BCf6B008bf80b9296238546BaCE1797657B05d6
Plasma0xe08853433fDBC504240455e295B644E0F44c3B29
Berachain0xd156A8E80A6593DdAFa099F76754FdCE0F808A55
Monad0xD25f563e12FF616262F8c947feC108db934F8059
Tempo0x20c000000000000000000000383a23bacb546ab9
Solana2uxaYT1fVrp6Fg2BrxQcyKSW91hefM6dG9krpbeDiirT
### reUSDe Mezzanine tranche. [Learn about reUSDe](/products/about-reusde).
ChainAddress
Ethereum0xdDC0f880ff6e4e22E4B74632fBb43Ce4DF6cCC5a
Berachain0x5e5C810b3338B4b9215983DB7aeE0d592fd9F5A2
### $RE Governance token. [Learn about $RE](/governance-and-tokenomics/re-governance).
ChainAddress
Ethereum0x526526528f35ac738177003b8773b402b8df8143
*** ## NAV Oracles Protocol-operated oracles that publish the daily mint and redeem price. Updated daily at 00:00 UTC, not derived from secondary-market pricing. ### reUSD NAV oracle
ChainAddress
Ethereum0x72b5760cfbe437dd01409f44055fdfb8f8121b46
Avalanche0x4C558694f16484E5C7A4A52BD210d471860ce7bC
Arbitrum0x48aBcc5A711ac23d3730bf627415dC898CBc5967
Base0x67a3226e69A1a8316eF1807a44f077AF80071926
Plasma0x5e5C810b3338B4b9215983DB7aeE0d592fd9F5A2
Solana8jW6E21Wx3CuzoFaBquzCCh8Cji7NC7S7TAf9bwBP5pM
### reUSDe NAV oracle
ChainAddress
Ethereum0x7844441f13C61CBD3d297F5d2D7fcaBf17f0b843
*** ## Chainlink CRE / CCIP oracles AggregatorV3Interface wrappers over the protocol [NAV oracles](#nav-oracles) above, so integrators can read NAV through the usual Chainlink feed interface. They are not independent Chainlink price oracles: the value is Re's NAV, delivered via Chainlink Runtime Environment (CRE) or Chainlink CCIP messaging depending on the network. Each chain exposes an 18-decimal and an 8-decimal reader. ### reUSD CRE and CCIP oracles | Chain | 18-decimal oracle | 8-decimal oracle | Source | | --------------- | -------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------- | ------ | | Ethereum | [0x86761b940034eFf28001706dc12b50467d69665b](https://etherscan.io/address/0x86761b940034eFf28001706dc12b50467d69665b) | [0xB2369170A07Ff6E8726742fC5e7CC4cebAF21060](https://etherscan.io/address/0xB2369170A07Ff6E8726742fC5e7CC4cebAF21060) | CRE | | Arbitrum | [0xC4d89EC77f1313FcE6720763D24042396d5b63C6](https://arbiscan.io/address/0xC4d89EC77f1313FcE6720763D24042396d5b63C6) | [0xBB631b504d3d30eE89948afB97B74c1C7EedFeB0](https://arbiscan.io/address/0xBB631b504d3d30eE89948afB97B74c1C7EedFeB0) | CRE | | Avalanche | [0x1c09778D83e23b18ab57c15AeEBc27033d8772B3](https://snowscan.xyz/address/0x1c09778D83e23b18ab57c15AeEBc27033d8772B3) | [0x900E666ef07e97ce9Cada498dFB62114C8C56B66](https://snowscan.xyz/address/0x900E666ef07e97ce9Cada498dFB62114C8C56B66) | CRE | | Base | [0x5f187d33D67Ad3d3D7b3dC8E1498d8ed144249D5](https://basescan.org/address/0x5f187d33D67Ad3d3D7b3dC8E1498d8ed144249D5) | [0xd75E543C68a80A05F281aaCaD649c18661719DdD](https://basescan.org/address/0xd75E543C68a80A05F281aaCaD649c18661719DdD) | CRE | | MegaETH | [0x9fA87BdCA3D28163BDEb14Abcea4Fc3cBE2a380f](https://mega.etherscan.io/address/0x9fA87BdCA3D28163BDEb14Abcea4Fc3cBE2a380f) | [0x7cbeb68f3c257D310418fef27d0d3E67C55f1043](https://mega.etherscan.io/address/0x7cbeb68f3c257D310418fef27d0d3E67C55f1043) | CRE | | Ink | [0x2fa206d8a93422a4AFf4593b19CAf521A2f0d1c6](https://explorer.inkonchain.com/address/0x2fa206d8a93422a4AFf4593b19CAf521A2f0d1c6) | [0xe5a5D3b0cC6a813522645798780F56d42bf395C4](https://explorer.inkonchain.com/address/0xe5a5D3b0cC6a813522645798780F56d42bf395C4) | CRE | | Plasma | [0x27137C5C1316Cc7e727DA65be37e6867e5B5A3d6](https://plasmascan.to/address/0x27137C5C1316Cc7e727DA65be37e6867e5B5A3d6) | [0xeE7446648CAE30AC5245c787120C062073126987](https://plasmascan.to/address/0xeE7446648CAE30AC5245c787120C062073126987) | CRE | | BNB Smart Chain | [0x5e5C810b3338B4b9215983DB7aeE0d592fd9F5A2](https://bscscan.com/address/0x5e5C810b3338B4b9215983DB7aeE0d592fd9F5A2) | [0x67a3226e69A1a8316eF1807a44f077AF80071926](https://bscscan.com/address/0x67a3226e69A1a8316eF1807a44f077AF80071926) | CRE | | Katana | [0xBB631b504d3d30eE89948afB97B74c1C7EedFeB0](https://katanascan.com/address/0xBB631b504d3d30eE89948afB97B74c1C7EedFeB0) | [0x258feb106e6d9BA23D61A1Ec0F59FaDE3AaBa89e](https://katanascan.com/address/0x258feb106e6d9BA23D61A1Ec0F59FaDE3AaBa89e) | CCIP | | Berachain | [0xF67FaFa903471844C7C49B8819a5753075c598Ba](https://berascan.com/address/0xF67FaFa903471844C7C49B8819a5753075c598Ba) | [0x968a77F82ef9D81667495564dDBe35Aa16fC0397](https://berascan.com/address/0x968a77F82ef9D81667495564dDBe35Aa16fC0397) | CCIP | | Monad | [0xd156A8E80A6593DdAFa099F76754FdCE0F808A55](https://monadscan.com/address/0xd156A8E80A6593DdAFa099F76754FdCE0F808A55) | [0x5e5C810b3338B4b9215983DB7aeE0d592fd9F5A2](https://monadscan.com/address/0x5e5C810b3338B4b9215983DB7aeE0d592fd9F5A2) | CCIP | ### reUSDe CRE and CCIP oracles | Chain | 18-decimal oracle | 8-decimal oracle | Source | | --------- | --------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------- | ------ | | Ethereum | [0x0B2A5b2765cf964988c59897E4d888DE7035D7B0](https://etherscan.io/address/0x0B2A5b2765cf964988c59897E4d888DE7035D7B0) | [0x9dDEc59EE24029ea3BA87bF4Bb84A56a11F8ECCD](https://etherscan.io/address/0x9dDEc59EE24029ea3BA87bF4Bb84A56a11F8ECCD) | CRE | | Berachain | [0x0A2B434b6e9B31Dd5EA20C9DD0dF4001507639D6](https://berascan.com/address/0x0A2B434b6e9B31Dd5EA20C9DD0dF4001507639D6) | [0x81bf706D0459765f56901d08AE6992675348FF2e](https://berascan.com/address/0x81bf706D0459765f56901d08AE6992675348FF2e) | CCIP | *** ## Insurance Capital Layers (ICLs) The ICL is an upgradeable, role-controlled vault and the interface between depositors and the rest of the protocol. It accepts KYC-approved deposits (ERC-20 and native), mints ShareToken shares via the Share Price Calculator, tracks deposit fees, manages custodians, locks balances for redemption or collateral use, and exposes admin and operator controls for pausing.
TokenChainAddress
reUSDEthereum0x4691C475bE804Fa85f91c2D6D0aDf03114de3093
reUSDAvalanche0xb22a8533e6cd81598f82514a42F0B3161745fbe1
reUSDArbitrum0x802eDbB1Ec20548A4388ABC337E4011718eb0291
reUSDBase0xD75Ea2fd3D00399df7b7241AB7A189085aB2eDE9
reUSDeEthereum0xE1886BE2bA8B2496c2044a77516F63a734193082
*** ## Core Protocol Contracts **Decentralized Fund.** Upgradeable, role-controlled manager. Stores core addresses (operator, treasury, recipient, KYC registry, pool registry), lets the operator update those settings, and creates new ICL instances via a factory.
ChainAddress
Ethereum0xF04422E68f55E7C25724128692C3063A775472f2
Avalanche0x0937Df35E95E8ed2d2ECD66AF3426c669d64F281
Arbitrum0x9cf2Bb61666221Aeb028CF0eb27c282eAd25Fa4e
**Share Price Calculator.** Maintains the global share price and converts between deposit token amounts and shares using token-specific price oracles, with validation and decimal scaling.
ChainAddress
Ethereum0xd1D104a7515989ac82F1AFDa15a23650411b05B8
Avalanche0xdC481e538125a8542D3eC262d40415328f1b16C0
Arbitrum0x5cD24d20E2F3C6742Be752Cb0f8c2531cA3b7425
Base0xcE53791EbFC01c68feFABe4fA6c257Bfb550CFAb
**Deposit Token Registry.** Access-controlled registry of accepted deposit tokens, with configurable fees, price oracles, slippage, minimum deposits, and collateral eligibility.
ChainAddress
Ethereum0x73d37A98C0fCBd049BfFFfe67Bf9af36d603c0F6
Avalanche0x8CB96010A05CaB68FAECbD650830f4ac400F5C24
Arbitrum0x9E2e05799966FD79852525368C201ED1624e09f4
Base0xCdC6159Ef15C931A1Af0d9e2576a65149558259D
**KYC Registry.** Role-based registry. A KYC admin manages providers, and providers approve or revoke KYC status for user addresses.
ChainAddress
Ethereum0x82F1806AEab5Ecb9a485eb041d5Ed4940b123995
Avalanche0x2723d4063765223E40d21d02d9D8685511BEdB19
Arbitrum0x6825d9441e022ef3E7e97dcee75b30dda758f392
Base0xD4326b167222be2478AF3E5e3352c180e97f395e
*** ## Redemptions **InstantRedemption.** Execution contract for instant reUSD redemptions. It burns shares and pays out stablecoins from the Daily Instant Redemption Vault. Holds `MINTER_ROLE` on the ShareToken (required to burn). Integrators typically call `redeemInstant(uint256 shares, uint256 minPayout)` on the RedemptionGateway, which routes here.
ChainAddress
Ethereum0xa31deEbb3680A3007120e74bCbDf4df36F042A40
Base0x36D954469E49E6F271f9E9a1e905c397882d9CAa
**WindowRedemption.** Quarterly window redemption for reUSDe. Holds `MINTER_ROLE` on reUSDe (required to burn).
ChainAddress
Ethereum0xD2e077d945Ec77B45Fbe4622E01F4C79e4bA389A
**Daily Instant Redemption Vault.** Custody contract for the ERC-20 payout tokens InstantRedemption draws from. Enforces access-controlled deposits and withdrawals, reserves balances for redemption windows, relies on actual onchain balances to compute availability, and includes a guardian break-glass `emergencyWithdraw`.
ChainAddress
Ethereum0x5C454f5526e41fBE917b63475CD8CA7E4631B147
Avalanche0xe13292F97E38da0C64398De5E0bFc95180DE9d23
Arbitrum0xfd4016Ea13ca8acc04A11a99702dF076A4d3B852
Base0x9AB62AebAbE738AB233C447eEdCE88D1D0a61FE3
**Redemption Reserve Custodian.** Holds bulk reUSD redemption liquidity in Fireblocks custody.
ChainAddress
Ethereum0x9eA38e09F41A9DE53972a68268BA0Dcc6d2fAdf8
Avalanche0x4F1ff9b995472B27A6BAfEc967986F35Bf1aDaE4
Arbitrum0xfB602cb83c9c15b4cc49340dc9aD7a8C23754BB0
Base0x19aff1C007397Bdb7f82BdA18151C28AB4335896
On each chain, the Daily Instant Redemption Vault and the Redemption Reserve Custodian together hold all available reUSD redemption liquidity. *** ## Reserves Attestation Aggregate offchain reserve and Section 114 trust balances, attested daily by The Network Firm and published onchain via Chainlink.
SourceLink
Chainlink data feed (Avalanche)https://data.chain.link/feeds/avalanche/mainnet/re-reserves
Onchain reader contract0xc79a363a3f849d8b3F6A1932f748eA9d4fB2f607
*** ## Custody and Sweeps Idle ICL balances are swept daily into Fireblocks custody (3-of-5 MPC). Each token's ICL has its own custodial wallet. **reUSD ICL custodial wallet** (same address across chains)
ChainAddress
Ethereum, Avalanche, Arbitrum, Base0x295F67Fdb21255A3Db82964445628a706FBe689E
**reUSDe ICL custodial wallet**
ChainAddress
Ethereum0xd4374008c88321Eb2e59ABD311156C44B25831e9
*** ## Bridging (CCIP) Cross-chain transfers. reUSD and reUSDe move between chains via Chainlink CCIP token pools (`BurnWithFromMintTokenPool` 2.0.0). A transfer burns tokens on the source chain and releases the same amount on the destination. Each pool holds `MINTER_ROLE` on its local token so it can complete that destination-side release. reUSDe currently bridges Ethereum ↔ Berachain only. **reUSD CCIP token pools**
ChainAddress
Ethereum0xF00B3b06690bC7E2bC6A9ccae55d17b7CD818465
Arbitrum0xd156A8E80A6593DdAFa099F76754FdCE0F808A55
Avalanche0xd75E543C68a80A05F281aaCaD649c18661719DdD
Base0x76EB70425066B4F260e23492575a5835DAf9EF46
Ink0xDDe19A4c562069cB4136CCB0dEBCfBBd67Aaf23F
BNB Smart Chain0x891B473FE15cCCe37827ddE41F70D6ed4D607DFE
Katana0xd156A8E80A6593DdAFa099F76754FdCE0F808A55
Plasma0x6530660Eb4834d8758e5c12946A8d0420aF45Fd7
Berachain0x6022C05282477f1Aba5547602A3b5e72A673cDb9
**reUSDe CCIP token pools**
ChainAddress
Ethereum0x37cAD86F09741D17A4124eb0c8dca7e2272f33e1
Berachain0xE9979e30E0c60b95AB2111CE17a18E7baDF631EF
**CCIP TokenAdminRegistry administrator (reUSD)** | Chain | Registry | Administrator | | --------------- | -------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------ | | Ethereum | [0xb22764f98dD05c789929716D677382Df22C05Cb6](https://etherscan.io/address/0xb22764f98dD05c789929716D677382Df22C05Cb6) | Safe | | Arbitrum | [0x39AE1032cF4B334a1Ed41cdD0833bdD7c7E7751E](https://arbiscan.io/address/0x39AE1032cF4B334a1Ed41cdD0833bdD7c7E7751E) | Safe | | Avalanche | [0xc8df5D618c6a59Cc6A311E96a39450381001464F](https://snowscan.xyz/address/0xc8df5D618c6a59Cc6A311E96a39450381001464F) | Safe | | Base | [0x6f6C373d09C07425BaAE72317863d7F6bb731e37](https://basescan.org/address/0x6f6C373d09C07425BaAE72317863d7F6bb731e37) | Safe | | Ink | [0xEb062d21c713A3d940BB0FaECFdC387d6Ea23697](https://explorer.inkonchain.com/address/0xEb062d21c713A3d940BB0FaECFdC387d6Ea23697) | Safe | | BNB Smart Chain | [0x736Fd8660c443547a85e4Eaf70A49C1b7Bb008fc](https://bscscan.com/address/0x736Fd8660c443547a85e4Eaf70A49C1b7Bb008fc) | 48h Timelock [0xC7fB6432…](https://bscscan.com/address/0xC7fB6432017DC43752372A629b15C3aD446E827C) (Safe proposes) | | Berachain | [0x0944C3Fb1dB7D165336569221995B31cBE6c8A55](https://berascan.com/address/0x0944C3Fb1dB7D165336569221995B31cBE6c8A55) | Safe | **CCIP TokenAdminRegistry administrator (reUSDe)** | Chain | Registry | Administrator | | --------- | --------------------------------------------------------------------------------------------------------------------- | ------------- | | Ethereum | [0xb22764f98dD05c789929716D677382Df22C05Cb6](https://etherscan.io/address/0xb22764f98dD05c789929716D677382Df22C05Cb6) | Safe | | Berachain | [0x0944C3Fb1dB7D165336569221995B31cBE6c8A55](https://berascan.com/address/0x0944C3Fb1dB7D165336569221995B31cBE6c8A55) | Safe | **Solana.** The reUSD SPL mint (`2uxaYT1fVrp6Fg2BrxQcyKSW91hefM6dG9krpbeDiirT`) has mint authority [`ALGjEEQcjtJS7aQXvDPoFTLdp74t1ub9w8rVwKbsSHB2`](https://solscan.io/account/ALGjEEQcjtJS7aQXvDPoFTLdp74t1ub9w8rVwKbsSHB2), an SPL Token **multisig** (`numRequiredSigners = 1`, `numValidSigners = 2`) with signers [`HgkgFRLz76rJA2FBjJQQo41GkViewDngS4tpUKwTkhfo`](https://solscan.io/account/HgkgFRLz76rJA2FBjJQQo41GkViewDngS4tpUKwTkhfo) and [`EsX25TxVd8Uc4CFBdqQCZM86aHw7KxxCdgLhpwrArJ8E`](https://solscan.io/account/EsX25TxVd8Uc4CFBdqQCZM86aHw7KxxCdgLhpwrArJ8E%60). Freeze authority and the CCIP TokenAdminRegistry administrator are both [`8trS7JTXGHrHmzE5UUnV1iJ11ipK3tkFZESHdeK2JETn`](https://solscan.io/account/8trS7JTXGHrHmzE5UUnV1iJ11ipK3tkFZESHdeK2JETn) (system account). The Chainlink CCIP router program upgrade authority is `GoFoFfEDgALWRTw5dSY3VZQSwbFpvBEhDv1sFAWzYpbf` (Chainlink-controlled, not Re). *** ## Governance and Access Control The protocol uses UUPS upgradeability with a 48-hour timelock on chains where a TimelockController is deployed. A Gnosis Safe ([0x8eec10616802Ef639CA55c98ac856553fAdEfBaD](https://etherscan.io/address/0x8eec10616802Ef639CA55c98ac856553fAdEfBaD)) also holds `DEFAULT_ADMIN_ROLE` on ICLs and ShareTokens on the verified EVM cores (and directly on Berachain tokens). The same Safe owns the CCIP token pools on every verified chain. Day-to-day roles are split across four dedicated controller wallets, with no single admin key. **Timelock.** OpenZeppelin TimelockController enforcing a 2-day (172,800 second) delay between scheduling and executing privileged actions. On Ethereum, Avalanche, Arbitrum, Base, and Katana the listed timelock holds both `DEFAULT_ADMIN_ROLE` and `UPGRADER_ROLE` on that chain's reUSD token (and, where an ICL exists, on the ICL; on Ethereum also on reUSDe). On BNB Smart Chain the timelock holds token admin/upgrader roles and is also the CCIP TokenAdminRegistry administrator. On Plasma the timelock holds `UPGRADER_ROLE` on reUSD while the Safe retains `DEFAULT_ADMIN_ROLE`. The Safe has `PROPOSER_ROLE`, `EXECUTOR_ROLE`, and `CANCELLER_ROLE` on every listed timelock (and is the sole proposer among checked holders), so it alone schedules timelocked actions.
ChainAddress
Ethereum0x69dDEa332723cF5407151aAF68B9b076557FCA93
Avalanche0x99c83ef05f249247312e95653764794728c63467
Arbitrum0x98bddEd5056C1aA6A2532F006A3c45986eaEe9E9
Base0xcE978312695C307A9810AD49Ecc74A9743e8C605
BNB Smart Chain0xC7fB6432017DC43752372A629b15C3aD446E827C (also TokenAdminRegistry admin; holds token admin/upgrader roles)
Katana0x24DA429FB87762E35f82200B209DEFb434655B84 (same address is Berachain's reUSD implementation bytecode — different contract, different chain)
Plasma0x0A790E1F85594e27d8eb26907Fe280F0e0F166De (reUSD `UPGRADER_ROLE` only; Safe keeps `DEFAULT_ADMIN_ROLE`)
Other listed token chains differ: * **Ink:** no EVM TimelockController The Access Manager wallet holds `DEFAULT_ADMIN_ROLE` and `UPGRADER_ROLE` on reUSD (Safe is co-admin). * **Berachain:** no TimelockController. The Safe holds `DEFAULT_ADMIN_ROLE` and `UPGRADER_ROLE` directly on both reUSD and reUSDe. * **MegaETH, Monad:** no TimelockController. The Safe holds `DEFAULT_ADMIN_ROLE` and `UPGRADER_ROLE` directly on reUSD. * **Tempo:** reUSD is a 6-decimal system-style token (`0x20c0…`), not the AccessControl ShareToken pattern used elsewhere; not an EVM TimelockController model. * **Solana:** no EVM TimelockController. Mint authority is the 1-of-2 SPL Token multisig under Bridging; freeze/CCIP registry admin is a system account. **AccessManager.** OpenZeppelin AccessManager used by the redemption stack (gateway, instant/window modules, vaults) to gate privileged selectors. Distinct from the Access Manager controller wallet below.
ChainAddress
Ethereum0x3f0DA1C363e34802C6f12F9C27276dC0e6696FD8
Avalanche0xa0436B18750De5823c3EF54BeC502Ed78b34ffA0
Arbitrum0xA3B25d04306f1552ed4b4e18a22197912FC07AEF
Base0x47De22cA61F65aF241205e45daDF039475a02241
### Controller wallets Multi-party computation (MPC) is a cryptographic signing scheme where a private key is split across multiple independent parties, meaning no single person ever holds the full key. To authorize a transaction, a minimum threshold of parties must jointly sign. A label like "MPC 3-of-5" means any three of five key holders must approve before the wallet can act. Re uses MPC wallets (via Fireblocks) for custody sweeps and protocol controller roles, so a single compromised key cannot move funds or change critical settings on its own. | Role | Address | Mechanism | Permissions | | ------------------ | --------------------------------------------------------------------------------------------------------------------- | ---------- | -------------------------------------------------------------------------------------------------------- | | Oracle Config | [0x49BC5A880f77247A348764DdB95951cd9212A0ee](https://etherscan.io/address/0x49BC5A880f77247A348764DdB95951cd9212A0ee) | MPC 3-of-5 | Set price feeds for deposit and collateral tokens | | Redemptions Config | [0xEE16bE0374f2eFb34218affC1a8EbEe9310c47f8](https://etherscan.io/address/0xEE16bE0374f2eFb34218affC1a8EbEe9310c47f8) | MPC 3-of-5 | Set redemption limits, top up redemption vault | | Access Manager | [0x80a62B72dF1136aCBc57141FB67Aa46812fECAFc](https://etherscan.io/address/0x80a62B72dF1136aCBc57141FB67Aa46812fECAFc) | MPC 5-of-8 | Assign and revoke privileged roles; on Ink, also holds `DEFAULT_ADMIN_ROLE` and `UPGRADER_ROLE` on reUSD | | Custodian Manager | [0x9b6d7f2de2E4569297C7e88531E47679cEbE6eC9](https://etherscan.io/address/0x9b6d7f2de2E4569297C7e88531E47679cEbE6eC9) | MPC 3-of-5 | Add and remove collateral custodians | | | | | | *** *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.* # API reference ## Public REST API Protocol data is available programmatically through a public REST API at `api.re.xyz`. * No authentication is required. * All endpoints return JSON. * All timestamps are UTC. * All monetary values are USD unless otherwise noted. ## General ### `/health` Health check. Confirms the API is operational. Returns the same payload as `/apy`. ```http GET https://api.re.xyz/health ``` ### `/apy` Current APY and NAV for both tokens. ```http GET https://api.re.xyz/apy ```
ParameterPermitted ValuesDescription
period1d-30d or 1M-12M (default: 7d)The lookback window for APY calculations.
tokensreUSD/reUSDe/reUSD,reUSDe (default: reUSD,reUSDe)The tokens to fetch APY data for.
**Response** ```json { "success": true, "data": { "reUSD": { "apy": 6.08, "currentNAV": "1.072248...", "pastNAV": "1.071000...", "period": "7d" }, "reUSDe": { "apy": 12, "currentNAV": "1.344798...", "pastNAV": "1.341711...", "period": "7d" } }, "timestamp": "2026-04-16T00:00:00.000Z" } ``` Use this endpoint for integration pricing, third-party dashboards, or programmatic NAV checks. NAV values are strings to preserve full 18-decimal precision. ### `/price` Full historical daily price and APY series for both tokens since inception. ```http GET https://api.re.xyz/price ``` | Parameter | Permitted Values | Description | | --------- | --------------------------------------------------------- | ------------------------------------------ | | `period` | `1d`-`30d` or `1M`-`12M` (default: full range) | Limits how far back the price series goes. | | `tokens` | `reUSD`/`reUSDe`/`reUSD,reUSDe` (default: `reUSD,reUSDe`) | The tokens to fetch price data for. | **Response** ```json { "data": { "reUSD": [{ "apy": 6.08, "date": "2026-04-16", "price": 1.072248 }], "reUSDe": [{ "apy": 12.0, "date": "2026-04-16", "price": 1.344799 }] }, "success": true, "timestamp": "2026-04-16T05:07:44.669056Z" } ``` Each array entry is one day. price is that day's NAV; apy is the trailing 7-day annualized yield as of that date. reUSD data starts `2025-05-26`; reUSDe data starts `2025-04-01`. The earliest entries report `"apy": 0` until a full lookback window of history exists. This endpoint powers the charts on the Metrics page. ## Supply Total and circulating on-chain supply. Values are returned as strings to preserve full decimal precision. Circulating supply currently equals total supply for both tokens. The `{token}` path segment is `reusd` or `reusde` (case-insensitive). ### `/supply` Full supply data for both tokens in one call. ``` GET https://api.re.xyz/supply ``` **Response** ``` { "success": true, "results": { "reUSD": { "totalSupply": "144288804.657412684812305265", "circulating": "144288804.657412684812305265" }, "reUSDe": { "totalSupply": "13140866.420676492698693286", "circulating": "13140866.420676492698693286" } }, "timestamp": "2026-07-13T14:43:00.526Z" } ``` ### `/supply/{token}` Full supply data for one token. ``` GET https://api.re.xyz/supply/{token} ``` **Response** ``` { "success": true, "results": { "totalSupply": "144288804.657412684812305265", "circulating": "144288804.657412684812305265" }, "timestamp": "2026-07-13T14:43:00.526Z" } ``` ### `/supply/{token}/total_supply` Total supply of a token across all chains. ```http GET https://api.re.xyz/supply/{token}/total_supply ``` **Response** ```json { "success": true, "result": "144288804.657412684812305265", "timestamp": "2026-07-13T14:39:31.838Z" } ``` Returned as a string to preserve full decimal precision. ### `/supply/{token}/circulating` Circulating supply of a token. ```http GET https://api.re.xyz/supply/{token}/circulating ``` **Response** ``` { "success": true, "result": "144288804.657412684812305265", "timestamp": "2026-07-13T14:39:31.838Z" } ``` ## TVL Protocol TVL metrics. The `{metric}` path segment is one of:
MetricDescription
reusdreUSD product TVL.
reusdereUSDe product TVL.
totalTotal protocol TVL.
onchain_capitalOn-chain capital.
offchain_capitalOff-chain capital.
premium-receivablesOutstanding insurance premiums owed to Re under active reinsurance contracts.
### `/tvl/{metric}` Latest value of one metric. ```http GET https://api.re.xyz/tvl/{metric} ``` **Response** ```json { "amount": 215141174.5, "lastUpdated": "2026-01-06T19:35:06.789440", "currency": "USD" } ``` lastUpdated is the date of the most recent datapoint for that metric. Quarterly-updated metrics lag daily ones. ### `/tvl` Latest value of every metric in one call. ``` GET https://api.re.xyz/tvl ``` **Response** ``` { "success": true, "results": { "reusd": { "amount": 158281251.35, "lastUpdated": "2026-07-12T00:00:00.000Z", "currency": "USD" }, "reusde": { "amount": 20054341.49, "lastUpdated": "2026-07-12T00:00:00.000Z", "currency": "USD" }, "total": { "amount": 565780200.76, "lastUpdated": "2026-07-12T00:00:00.000Z", "currency": "USD" }, "onchain_capital": { "amount": 67875713.98, "lastUpdated": "2026-07-12T00:00:00.000Z", "currency": "USD" }, "offchain_capital": { "amount": 178978000.00, "lastUpdated": "2026-07-12T00:00:00.000Z", "currency": "USD" }, "premium-receivables": { "amount": 318925958.48, "lastUpdated": "2026-07-13T00:00:00.000Z", "currency": "USD" } }, "timestamp": "2026-07-13T14:43:00.526Z" } ``` ### `/tvl/{metric}/history` Daily history of one metric. ``` GET https://api.re.xyz/tvl/{metric}/history ```
ParameterPermitted ValuesDescription
period1d-30d or 1M-12M (default: full history)Limits how far the series goes.
**Response** ``` { "data": [ { "date": "2026-07-12", "amount": 158363778.29 }, { "date": "2026-07-13", "amount": 158438860.18 } ], "currency": "USD" } ``` ### `/tvl/history` Hisorical values of every metric in one call. ``` GET https://api.re.xyz/tvl/history ``` **Response** ``` { "success": true, "results": { "reusd": { "data": [{ "date": "2026-07-13", "amount": 158438860.18 }], "currency": "USD" }, "reusde": { "data": [{ "date": "2026-07-13", "amount": 20045619.92 }], "currency": "USD" } } } ``` ## Points Information about the points program. ### `/points/public/leaderboard` Public Re Points leaderboard. Wallet addresses are truncated for privacy. ```http GET https://api.re.xyz/points/public/leaderboard ```
ParameterPermitted ValuesDescription
limit1-100 (default: 100)The amount of pages to return.
offsetAny integer (default: 0)Pagination offset.
seasonAny valid season integer (default: the current season)The season of points too fetch the leaderboard for.
**Response** ```json { "status": "success", "data": { "leaderboard": [ { "rank": 1, "wallet": "0x614d...2ade", "points": 55538590206.25 } ], "pagination": { "has_next": true }, "total_points_awarded": 173349340803.80, "timestamp": "2026-07-13T14:41:30.276Z", "last_snapshot": "2026-07-12" } } ``` Responses may be cached for up to one hour. ### `/points/public/opportunities` Live Re Points earning opportunities: every strategy that earned points on the latest calculated day, with its boost multiplier, daily points, TVL and holder count. Strategies whose points program has ended are listed under ended. **Response** ``` { "status": "success", "data": { "date": "2026-07-12", "opportunities": [ { "token": "Pendle_YT_reUSD_Dec2026", "name": "Pendle YT reUSD Dec2026", "protocol": "Pendle", "chain": "ethereum", "multiplier": 30, "daily_points": 2307856254.55, "tvl": 76928541.82, "holders": 140, "start_date": "2026-06-09", "end_date": null } ], "ended": [], "totals": { "daily_points": 12345678901.23, "participants": 4321 } } } ``` ## Wallet Per-wallet position and points lookups, built for integrations. ### `/wallet/balance` A wallet's direct reUSD and reUSDe holdings across all supported chains, valued in USD at the current NAV. ``` GET https://api.re.xyz/wallet/balance?address=0xdeadbeefdeadbeefdeadbeefdeadbeefdeadbeef ```
ParameterPermitted ValuesDescription
addressAll Ethereum 32-byte addresses (required)The wallet to fetch balances for.
tokenreUSD/reUSDe (default: both)The token to fetch data for. Omit for both.
**Response** ``` { "success": true, "address": "0xdeadbeefdeadbeefdeadbeefdeadbeefdeadbeef", "results": { "reUSD": { "balance": "12500.000000000000000000", "nav": 1.088913, "amount": 13611.41, "chains": { "ethereum": { "balance": "10000.000000000000000000", "amount": 10889.13 }, "bsc": { "balance": "2000.000000000000000000", "amount": 2177.83 }, "base": { "balance": "500.000000000000000000", "amount": 544.46 } } }, "reUSDe": { "balance": "1000.000000000000000000", "nav": 1.387237, "amount": 1387.24, "chains": { "ethereum": { "balance": "1000.000000000000000000", "amount": 1387.24 } } } }, "total": 14998.65, "currency": "USD", "timestamp": "2026-07-14T00:00:00.000Z" } ``` ### `/wallet/points` A wallet's accumulated Re Points and leaderboard position.s ``` GET https://api.re.xyz/wallet/points?address=0xdeadbeefdeadbeefdeadbeefdeadbeefdeadbeef ```
ParameterPermitted ValuesDescription
addressAll Ethereum 32-byte addresses (required)The wallet to fetch points balance for.
**Response** ``` { "success": true, "address": "0xdeadbeefdeadbeefdeadbeefdeadbeefdeadbeef", "season": 2, "points": 1234567.89, "rank": 42, "share": 0.0007, "last_update": "2026-07-13", "timestamp": "2026-07-14T00:00:00.000Z" } ``` *** *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.* # MCP Server For those looking to interface with Re data from a less-technical position, all the data served by [the API](/products/api-reference) is also available via an MCP server for AI agents. Install for Claude Install for CursorInstall for VS Code ### Install Anywhere The Re Protocol MCP server can be installed anywhere that MCP servers are supported using the following URL ``` https://api.re.xyz/mcp ``` ### Claude Code Install the Re Protocol MCP server to Claude Code using the following command: ``` claude mcp add --transport http re-protocol https://api.re.xyz/mcp ``` Or, just ask Claude: > Install the Re Protocol MCP server from `https://api.re.xyz/mcp` ### Gemini CLI Install the Re Protocol MCP server to the Gemini CLI using the following command: ``` gemini mcp add --transport http re-protocol https://api.re.xyz/mcp ``` ### Codex CLI Install the Re Protocol MCP server to the Codex CLI using the following command: ``` codex mcp add re-protocol -- npx -y mcp-remote https://api.re.xyz/mcp ``` Or, merge the following into `~/.codex/config.toml`: ``` [mcp_servers.re-protocol] command = "npx" args = ["-y", "mcp-remote", "https://api.re.xyz/mcp"] ``` ### Everything Else Find instructions to install the Re Protocol MCP almost anywhere else using the following link: Install the Re Protocol MCP server *** *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.* # Price vs. NAV Market price versus token NAV, and why they may diverge. ## What is NAV vs. market price? These are two distinct things, and conflating them is the most common source of confusion when trading reUSD or reUSDe. **NAV (Net Asset Value)** is the protocol's calculated value of one token, updated onchain every day at UTC 00:00 via the protocol NAV oracle. It reflects the economic value of the underlying assets backing each token: * For **reUSD**, NAV reflects the weighted mix of offchain capital earning SOFR and onchain capital earning the trailing sUSDe rate, plus a 250 bps spread. See [How the price accrues](/products/about-reusd#how-the-price-accrues). * For **reUSDe**, NAV accrues at the risk-free rate plus an 850 bps spread, reflecting the additional risk absorbed by the mezzanine tranche. See [Why the yield is higher](/products/about-reusde#why-the-yield-is-higher). Under normal circumstances, NAV will move upward only (yield accrues daily into price). It can decrease only if underwriting losses are formally confirmed by the actuary (relevant to reUSDe only in severe scenarios; reUSD has structural protection immune to decreases). **Market price** is what a buyer and seller agree on in a DEX pool or OTC trade at any given moment. It is influenced by NAV but not anchored to it by any hard mechanism. Market price can be above or below NAV depending on supply/demand dynamics in the pool, liquidity depth, and how market participants assess the risk premium required for the illiquidity of these instruments. ### The key relationship Market Price = NAV × (1 - Discount) or NAV × (1 + Premium) In practice, reUSD will typically trade very close to NAV because of its instant redemption buffer. Any meaningful discount creates an arbitrage opportunity that is bounded by the 0.06% redemption fee and the time to execute. reUSDe typically trades at a discount to tNAV because there is no instant redemption path; buyers must price in the quarterly queue wait. ## Why market price and NAV may diverge The degree to which market price diverges from NAV is a function of three forces acting simultaneously: **1. Liquidity premium (discount driver)** Buyers of reUSDe on the secondary market cannot redeem immediately. They must wait for the next quarterly window, which could (depending on timing) be as far as 90 days in the future. The longer the expected wait, the larger the discount they might require to make the trade attractive versus instead minting fresh at the beginning of the next quarterly period after tNAV has been authoritatively updated. This is a structural, persistent discount that shrinks as each quarterly window approaches and widens just after a window closes. **2. Tail risk premium (discount driver)** If the market perceives elevated underwriting risk, participants might mark down the token before the actuary has confirmed any actual impairment. This is forward-looking: the discount reflects uncertainty about the *next* tNAV print, not the current one. This premium can appear and disappear rapidly as information evolves. **3. Redemption path certainty (premium driver / discount limiter)** The existence of a clear, deterministic redemption path acts as a floor on how far market price can fall below NAV. A buyer at a 5% discount to a $1.3497 tNAV knows exactly what they are buying and when they can redeem it. The greater the certainty around the process, the tighter the discount is bounded. For **reUSD** specifically, the instant redemption buffer acts as a near-perfect arbitrage mechanism that keeps market price very close to NAV. Any discount beyond \~6 bps (the redemption fee) is self-correcting: arbitrageurs buy on the DEX and redeem at NAV for a near-riskless profit, compressing the discount back. ## How to think about "fair value" and risk premia Fair value for reUSDe on the secondary market is not simply tNAV. A rational participant prices it as: Fair Value = tNAV × (1 - Liquidity Discount) × (1 - Tail Risk Discount) Where: **Liquidity Discount** is the opportunity cost of capital being locked until the next quarterly settlement. A rough approximation: Liquidity Discount ≈ (Alternative Yield Rate) × (Days to Next Window / 365) Example: If an alternative yield is 8% APY and the next window is 60 days away, the liquidity discount is approximately 8% × (60/365) ≈ 1.3%. A buyer rational about this would pay approximately 98.7 cents on the dollar relative to tNAV for the privilege of immediate acquisition. **Tail Risk Premium** is the buyer's subjective estimate of the probability of tNAV impairment before the next window, multiplied by their expected loss severity. In benign underwriting environments (which describes Re's historical record) this is low. In a stressed environment it can spike quickly and then compress as the actuarial process confirms or denies impairment. These are illustrative ranges based on structural reasoning, not historical Re-specific data. Actual pool dynamics will vary. *** *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.* # Buying below NAV How to model implied IRR when reUSDe trades at a discount to tNAV. ## Discount-to-NAV → implied IRR model When reUSDe trades at a discount to tNAV on Curve, a buyer who can hold through the next quarterly redemption window is acquiring a security with a known terminal value (tNAV at redemption, adjusted for any actuary-confirmed changes) at a below-NAV entry price. This creates an **implied internal rate of return (IRR)** that layers on top of the token's [base yield](/products/about-reusde#why-the-yield-is-higher). ### The model Total Return = (tNAV at redemption / Entry Price) - 1 + (Yield accrued during hold) Implied IRR = annualize(Total Return / Days to redemption settlement) ### Worked example: moderate discount The fixed values below are illustrative. Use the canonical [`/apy` endpoint](/products/api-reference#apy) and a current market quote when applying the model. * Current tNAV: $1.3497 * Market price on Curve: $1.3160 (2.5% discount) * Days to next quarterly window: 45 days * Days to settlement after window: \~15 days (10 business days actuarial gate + 5 days settlement) * Total hold period: \~60 days * reUSDe daily yield accrual rate: 12.00% APY ÷ 365 = 0.0329% per day * Yield accrued over 60 days: 0.0329% × 60 = 1.97% Entry: $1.3160 Exit (tNAV, assuming no impairment): $1.3497 + (accrued yield during 60 days) Accrued yield: $1.3497 × 1.97% = $0.0266 Exit value: $1.3497 + $0.0266 = $1.3763 Total return: ($1.3763 - $1.3160) / $1.3160 = 4.58% over 60 days Annualised IRR: 4.58% × (365/60) ≈ 27.9% APY The implied IRR of \~28% sits well above the \~12% APY a fresh mint would earn. The roughly 16% spread is the risk premium the market is charging for the possibility that tNAV is impaired before settlement and for the illiquidity of holding through the quarterly window. It is compensation for bearing risk, not a riskless arbitrage. ### Worked example: wide discount (stress perception) * Market price: $1.2822 (5.0% discount to tNAV) * Days to window: 80 days, settlement 15 days → 95-day hold * Yield accrued: 12% × (95/365) = 3.12% → $1.3497 × 3.12% = $0.0421 * If tNAV is NOT impaired: Exit = $1.3497 + $0.0421 = $1.3918 * Total return: ($1.3918 - $1.2822) / $1.2822 = 8.55% over 95 days * Annualised IRR: 8.55% × (365/95) ≈ 32.8% APY At a 5% discount, the implied IRR approaches \~33%, a level that signals either a genuine arbitrage opportunity or that the market is pricing real tail risk. The buyer must decide which. ### Break-even impairment analysis A useful complement to IRR is asking: *how much does tNAV need to be written down to make this trade break-even?* Break-even tNAV impairment = Discount% + Yield accrued% In the 5% discount example: break-even impairment = 5.0% + 3.12% = 8.12%. If tNAV is written down by less than 8.12% by settlement, the buyer profits. If written down by more, they lose. Compare the implied loss scenario with the maintained model assumptions and impairment estimates in [Scenario walkthroughs](/capital-stack-and-loss-waterfall/scenario-walkthroughs#how-far-this-is-from-impairing-reusd-or-reusde). ## What constrains the trade Even when the implied IRR looks attractive, it’s a ceiling rather than a guarantee. A number of frictions reduce the realistic return: {% stepper %} {% step %} ### Redemption fees The protocol charges **6 bps (0.06%)** on reUSD redemptions. reUSDe is not currently redeemable. On small positions, this is negligible; on large positions, it can become a meaningful component in the IRR calculation. {% endstep %} {% step %} ### Quarterly queue and pro-rata risk Redemption for reUSDe is not guaranteed at 100% of the window; if total requests exceed available surplus, fills are done pro-rata. A buyer acquiring a large position at a discount and submitting a large redemption request may receive only a partial fill, with the remainder rolling to the next window. This extends the effective hold period and reduces realised IRR versus the model. {% endstep %} {% step %} ### Actuarial gate timing uncertainty The actuarial gate closes within 10 business days of quarter-end, but the exact date varies. Settlement then takes up to five additional business days. A risk model that assumes a 60-day hold may see 75 days in practice, compressing annualised IRR by \~20%. {% endstep %} {% step %} ### KYC and eligibility Direct minting at NAV requires passing KYC. Non-KYC'd participants can obtain reUSDe only by buying on Curve; as such, they can capture the discount-to-NAV spread but cannot directly mint new tokens at NAV to close the loop. This means that only KYC-verified participants can redeem directly at NAV, limiting the pool and allowing discounts to persist longer than they might in a fully permissionless market. {% endstep %} {% step %} ### DEX liquidity caps and pool slippage Large buys on the Curve pool will move the pool price against the buyer. A participant trying to acquire $5M of reUSDe at a 3% discount may find that by the time they've filled the order, the average execution price is only 1.5% below NAV. In such a scenario, the realised IRR is considerably lower than the quoted screen price implies. See the Liquidity Venues section for pool-specific depth notes. {% endstep %} {% step %} ### Capital cost during hold period The IRR model above assumes the buyer's capital is costless. If the buyer is using leveraged capital (e.g., borrowing USDC against other collateral to fund the reUSDe purchase), the borrowing cost must be subtracted from the implied IRR in order to arrive at the net return {% endstep %} {% endstepper %} *** *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.* # Liquidity venues How to buy and sell reUSD and reUSDe on the secondary markets. reUSD and reUSDe are available across DEXes, spot pools, and lending markets on Ethereum as of April 2026. DEXes are where you buy or sell tokens at market price. Lending markets let you post collateral and borrow other assets; they are not spot trading venues. Pool availability varies by chain, and Ethereum hosts the primary pools. Token deployment does not imply that a liquidity venue exists on the same network; see the canonical [token contract lists](/products/smart-contracts#tokens) for deployment coverage and check the Re app for current pool listings. ## DEXes and spot markets | **Venue** | **Pair** | **Type** | **Notes** | | ---------- | ------------- | ----------------------- | -------------------------------------------------------------- | | **Curve** | reUSD/USDC | StableSwap | Primary reUSD exit; deepest stable-to-stable liquidity | | **Curve** | reUSD/sUSDe | StableSwap | Secondary reUSD pool; useful for sUSDe holders rotating in/out | | **Curve** | reUSDe/sUSDe | Crypto pool (twocrypto) | Primary reUSDe secondary market; variable-price AMM | | **Fluid** | reUSD/USDT | DEX | Spot pool on Ethereum | | **Pendle** | reUSD, reUSDe | PT/YT markets | Yield tokenisation; split principal vs. yield exposure | Curve links: * reUSD/USDC: [factory-stable-ng-466](https://www.curve.finance/dex/ethereum/pools/factory-stable-ng-466/swap/) * reUSDe/sUSDe: [factory-twocrypto-169](https://www.curve.finance/dex/ethereum/pools/factory-twocrypto-169/swap/) ### reUSD/USDC (Curve StableSwap) This is the primary reUSD liquidity venue. StableSwap AMMs are designed for assets that should trade near parity; the bonding curve is highly efficient near $1.00 but becomes increasingly prone to slippage as price moves away from equilibrium. Since reUSD's NAV has accrued to greater than a US Dollar, there is an inherent asymmetry: reUSD is no longer priced near $1.00 versus USDC. This means the pool must be configured to reflect the current NAV as the equilibrium price; otherwise, the StableSwap curve will produce misleading slippage estimates. Buyers and sellers should verify pool parameters before executing large trades. Practical slippage guidance (illustrative; verify onchain before trading): | **Trade Size** | **Expected Slippage** | | -------------- | ------------------------------------------------ | | < $50K | Minimal (< 5 bps) | | $50K-$500K | Low (5-20 bps) | | $500K-$2M | Moderate (20-50 bps) | | > $2M | Material; use aggregator routing or split orders | ### reUSDe/sUSDe (Curve twocrypto) The reUSDe pool uses Curve's two crypto AMM, which is designed for assets with variable price relationships. This is appropriate because reUSDe's tNAV drifts upward over time relative to sUSDe. The twocrypto design concentrates liquidity around the current price and adjusts dynamically, but this also means liquidity can be thin at the edges of the price distribution. Key microstructure notes: * Pool depth is shallower than the reUSD/USDC pool and is more dependent on external LP incentives (e.g. CRV emissions, Re Points multipliers for LPs). * Discounts to tNAV are most visible in this pool and will widen under stress or high redemption demand. Monitor the pool price vs. the protocol NAV feed to evaluate the current discount. * Re Points rewards of up to **20× daily** are available for providing liquidity to the reUSDe/sUSDe pool, which helps attract external LPs and deepen the pool over time. ### Fluid (reUSD/USDT) Fluid's reUSD-USDT pool is a spot secondary market on Ethereum. The same pool position can also be deposited as smart collateral in a Fluid vault to borrow USDT; see [Lending markets](#lending-markets) for vault details. ### Pendle Pendle allows holders to split reUSD or reUSDe into a Principal Token (PT) and a Yield Token (YT): * The **PT** trades at a discount to NAV and represents the right to receive NAV at maturity. Useful for participants who want a fixed yield without variability in daily compounding. * The **YT** represents the right to all yield generated until maturity. Useful for those who want leveraged yield exposure without holding the underlying asset. Pendle markets introduce their own maturity dates and AMM dynamics separate from Re's redemption windows. LP positions in Pendle earn **12× Re Points** daily. ## Lending markets | **Venue** | **Pair** | **Notes** | | ---------- | -------------------- | --------------------------------------------- | | **Fluid** | reUSD / USDC | Vault 160: reUSD collateral, borrow USDC | | **Fluid** | reUSD / USDT | Vault 161: reUSD collateral, borrow USDT | | **Fluid** | reUSD / GHO | Vault 162: reUSD collateral, borrow GHO | | **Fluid** | reUSD / USDC, USDT | Vault 163: reUSD collateral, borrow USDC/USDT | | **Fluid** | reUSD-USDT LP / USDT | Vault 164: LP smart collateral, borrow USDT | | **Morpho** | reUSD / USDC | Ethereum | | **Morpho** | reUSD / USDT | Ethereum | | **Morpho** | reUSD / AUSD | Ethereum | | **Morpho** | reUSDe / USDC | Ethereum | | **Euler** | PT-reUSD / AUSD | Ethereum; borrow AUSD against Pendle PT-reUSD | | **Euler** | reUSD / USDC | Base | | **Silo** | PT-reUSDe / USDC | Ethereum; isolated market | Lending market links: * Morpho reUSD/USDC: [app.morpho.org](https://app.morpho.org/ethereum/market/0x4565ac05d38b19374ccbb04c17cca60ca9353cd41824f0803d0fc7704f60eaed/reusd-usdc) * Morpho reUSD/USDT: [app.morpho.org](https://app.morpho.org/ethereum/market/0x9105a5447f3eecdf768f04da12d580a878106e2e6b234312db2ee0f304539e35/reusd-usdt) * Morpho reUSD/AUSD: [app.morpho.org](https://app.morpho.org/ethereum/market/0xd98939d075eebc85569dbbe3a5ef7fd46e1d3efa83452173b172eb93ae557cac/reusd-ausd) * Morpho reUSDe/USDC: [app.morpho.org](https://app.morpho.org/ethereum/market/0x904142eba80012455c361f3c442b9c89c0dd0fb86c7d8f062c4425bfa2314eb9/reusde-usdc) * Euler PT-reUSD/AUSD (Ethereum): [app.euler.finance](https://app.euler.finance/borrow/0x6876374E4AC054bfCA389109570Ae15b4d25e279/0xD5b786E64eB320940eEfB1570Fa4C82EC54dBf72) * Euler reUSD/USDC (Base): [app.euler.finance](https://app.euler.finance/borrow/0x81744B5B5527852832F2dd3554C191d3B1342108/0x4C1aeda9B43EfcF1da1d1755b18802aAbe90f61E) * Silo PT-reUSDe/USDC: [app.silo.finance](https://app.silo.finance/markets/ethereum-0x18B178B50F1fFd3dC7855C893a4e1Ac618F9B76A) * Fluid vaults: [fluid.io/vaults](https://fluid.io/vaults) ### Fluid reUSD can be deposited as collateral in Fluid smart vaults on Ethereum to borrow USDC, USDT, or GHO, priced against the protocol NAV feed. Vault 164 accepts the reUSD-USDT LP position from Fluid's spot pool as smart collateral. reUSD Fluid vaults (160 to 164): * [160](https://fluid.io/vaults/1/160): reUSD collateral, borrow USDC * [161](https://fluid.io/vaults/1/161): reUSD collateral, borrow USDT * [162](https://fluid.io/vaults/1/162): reUSD collateral, borrow GHO * [163](https://fluid.io/vaults/1/163): reUSD collateral, borrow USDC/USDT * [164](https://fluid.io/vaults/1/164): reUSD-USDT LP smart collateral, borrow USDT ### Morpho, Euler, and Silo Morpho lists four Ethereum markets against raw reUSD or reUSDe collateral: reUSD/USDC, reUSD/USDT, reUSD/AUSD, and reUSDe/USDC. Euler's Ethereum market uses Pendle PT-reUSD as collateral to borrow AUSD; Euler also lists reUSD/USDC on Base. Silo uses Pendle PT-reUSDe as collateral to borrow USDC in an isolated market. *** *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.* # Using reUSD/reUSDe as collateral A technical guide for lending market curators on oracle selection, liquidation dynamics, and parameter-setting when using reUSD or reUSDe as collateral. ## Oracle selection by use case The oracle question is one of the most consequential technical decisions when deploying reUSD or reUSDe as collateral in a lending market. There are two fundamentally different oracle approaches, each with different risk/reward tradeoffs: ### Option A: NAV oracle (Chainlink Re Protocol feed) Re publishes a daily NAV feed via Chainlink that reflects the protocol's calculated value of each token. Using this as the collateral oracle means: * Collateral is valued at economic NAV, not market price * The oracle updates once daily at UTC 00:00 rather than continuously * The oracle does not reflect intraday DEX price movements * For reUSD: NAV only moves upward in normal conditions and is relatively stable day-to-day * For reUSDe: NAV moves upward daily between quarters but can be revised downward at the quarterly tNAV determinations if the actuary confirms losses **Best for:** Lending markets where the lender is comfortable accepting Re Protocol credit risk (that is, NAV possibly not being fully realisable if redemptions are gated) in exchange for using the full economic value of the token as collateral. Well-suited for borrow-against-reUSD strategies in which the borrower expects to repay well before any redemption event. ### Option B: Market price oracle (DEX TWAP) Using a time-weighted average price (TWAP) from the Curve pool means: * Collateral is valued at what the market will actually pay today * More conservative than NAV in discount environments (good for lender protection) * Prone to manipulation in thin pools; a low-liquidity reUSDe/sUSDe pool TWAP is vulnerable to price oracle attacks * Requires careful TWAP window selection: too short and it's manipulable, too long and it lags NAV movements significantly **Best for:** Markets where conservative, market-observable pricing is a priority and pool depth is sufficient to make the TWAP manipulation-resistant. Currently more appropriate for reUSD (deeper pool, price close to NAV) than reUSDe (shallower pool, price can diverge meaningfully). ### Recommendation framework | **Collateral** | **Oracle Type** | **When appropriate** | | -------------- | -------------------- | ------------------------------------------------------------------------------ | | reUSD | NAV (Chainlink) | Borrower is KYC'd and can redeem; lender trusts Re Protocol structure | | reUSD | DEX TWAP | Conservative lending market; pool depth is sufficient (check before deploying) | | reUSDe | NAV (Chainlink tNAV) | Lender accepts quarterly liquidity gating risk; borrower has long time horizon | | reUSDe | DEX TWAP | Only if reUSDe/sUSDe pool depth is meaningfully deep; otherwise manipulable | **Important**: On Morpho, oracle selection is **immutable after market creation**. Curators building reUSD/reUSDe markets on Morpho should assess pool depth carefully before choosing a TWAP oracle for reUSDe. ## Liquidation considerations Several features of reUSD and reUSDe create liquidation dynamics that differ from standard ERC-20 collateral: ### NAV accrual means collateral value increases over time When valued through the NAV oracle, reUSD and reUSDe collateral behave differently from typical crypto collateral: NAV accrues yield daily, so a position that is healthy today tends to become healthier over time, all else equal. Current rates are available from the canonical [`/apy` endpoint](/products/api-reference#apy), and on . This produces a structural buffer against liquidation from time passage alone, but with two important caveats. First, reUSDe's tNAV can be revised downward at quarterly actuarial determinations if losses are confirmed; the buffer is not unconditional. Second, this dynamic applies only when collateral is priced off NAV. Market-price oracles (DEX TWAPs) reflect intraday supply/demand and can move in either direction, so collateral valued via TWAP does not enjoy the same monotonic buffer. ### Redemption gating affects how your position will be liquidated If your position is liquidated, the price your collateral actually clears at depends on how quickly a liquidator can exit it, not on its NAV. The two tokens behave very differently here. If you borrow against reUSDe, the liquidator who seizes your collateral cannot redeem it at NAV on demand. Their only options are to sell into the Curve pool (taking the prevailing discount and slippage) or to hold the position and queue for the next quarterly redemption window. Because that exit is slow and uncertain, liquidators bid below NAV when pricing your collateral, and the lending market will likely encode that gap into a lower LLTV and a wider liquidation discount. The practical effect for the borrower: your effective loan-to-value ceiling is meaningfully tighter than the headline NAV would suggest, and you should size positions against the liquidation price rather than tNAV. If you borrow against reUSD, the instant redemption buffer, based on 50% of the high-water mark of deposits, lets a liquidator redeem at NAV immediately in most market conditions. See the [Redemptions guide](/minting-and-redemptions/redemptions#reusd-instant-buffer) for the full buffer policy. Liquidation execution is therefore close to predictable, the gap between mark and exit price is small, and lending markets can safely offer tighter parameters. This is why you'll generally see higher LLTVs and lower liquidation bonuses on reUSD markets than on reUSDe markets. ### tNAV impairment risk for reUSDe In an extreme stress scenario, reUSDe's tNAV could be written down by the actuary. A lending market using the NAV oracle would see collateral value drop at the quarterly tNAV update, potentially triggering a wave of liquidations. In the November 2025 model's 135% combined-ratio environment, the estimated probability of reUSDe impairment was 0.9%. See [Scenario walkthroughs](/capital-stack-and-loss-waterfall/scenario-walkthroughs#how-far-this-is-from-impairing-reusd-or-reusde) for the assumptions behind that estimate. Impairment would realistically require widespread losses across the breadth of Re’s portfolio, highly unlikely given the portfolio’s diversification and focus upon catastrophe-lite lines of reinsurance coupled with the perennially steady trajectory of reinsurance markets. ### The timing gap between NAV update and market reaction The NAV oracle updates once daily at UTC 00:00. If a significant loss event becomes public during market hours, the DEX price of reUSDe may drop significantly before the NAV oracle reflects any change (which won't happen until the actuary formally revises tNAV at the next quarterly close). During this window, a lending market using the NAV oracle will be valuing collateral above the price at which liquidators could actually exit it. The practical implications: (1) positions that look healthy on the lending market's books may be economically under-collateralised, so a liquidator who seizes and sells on the DEX could recover less than the outstanding debt, leaving the lender with bad debt; (2) liquidations that should have triggered won't, because the oracle health factor still shows the loan as safe; and (3) the lending market is implicitly underwriting the gap until the next UTC 00:00 update; and, for reUSDe, until the next quarterly actuarial print if the loss event is severe enough to revise tNAV. Curators should size haircuts and supply caps with this oracle-lag exposure in mind. ## Haircuts and conservative parameter guidance The following guidance reflects the structural characteristics of reUSD and reUSDe as collateral. These are not Re Protocol's official recommendations; market curators must make their own risk assessments and set their own parameters. ### reUSD: suggested conservative parameters | **Parameter** | **Conservative Guidance** | **Rationale** | | ------------------------------- | ------------------------- | ------------------------------------------------------------------------------------------------------------------------------------- | | **LLTV** | 80–86% | reUSD is principal-protected and senior; yield accrual provides natural buffer; instant redemption reduces liquidation execution risk | | **Oracle** | NAV (Chainlink) | Price is stable and predictable; daily update frequency is acceptable given low volatility | | **TWAP window (if DEX oracle)** | 24 hours minimum | Shorter windows are manipulable given pool depth; longer windows lag NAV less | | **Liquidation bonus** | 3–5% | Liquidators can redeem at NAV via instant buffer; lower bonus reflects lower execution risk vs. illiquid assets | | **Supply cap** | \[TODO: set by curator] | No protocol-level cap; curator discretion | ### reUSDe: suggested conservative parameters | **Parameter** | **Conservative Guidance** | **Rationale** | | ------------------------------- | ---------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **LLTV** | 70–77% | Mezzanine tranche; absorbs losses first among user tranches; tNAV can be impaired; quarterly redemption creates liquidation execution risk; wider buffer needed | | **Oracle** | NAV (Chainlink tNAV) preferred | DEX TWAP manipulable given pool depth; NAV is more stable but does not reflect intraday tail risk | | **TWAP window (if DEX oracle)** | 48 hours minimum | Pool shallower than reUSD; longer window required to reduce manipulation risk | | **Liquidation bonus** | 6–10% | Liquidators must sell on DEX or wait for quarterly window; wider bonus required to incentivise participation | | **Supply cap** | Set conservatively relative to reUSDe pool DEX depth | Large seized positions cannot be easily liquidated in thin pools | | **tNAV stress buffer** | Build \~5–10% implied buffer into LLTV | To absorb a moderate tNAV write-down without triggering immediate liquidation cascade | ### General guidance for all curators * Monitor the spread between NAV oracle price and DEX market price continuously. A widening spread is an early warning signal that the market is perceiving risk not yet reflected in the NAV feed. * Set supply caps relative to DEX pool depth, not just total reUSD/reUSDe supply. A lending market that accumulates collateral exceeding the DEX pool's capacity to absorb a liquidation is taking on tail risk that may be difficult to unwind. * For reUSDe specifically: consider whether your market's liquidation mechanism can operate effectively given quarterly redemption gating. If liquidators must sell into a thin Curve pool, they will require wider discounts, which may cascade into further price depression. * Reassess parameters at each quarterly actuarial event. If tNAV is revised, oracle prices will update at the next UTC 00:00. Ensure that your market's health factors are recalculated and borrowers are notified of any changes to their position health. *** *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.* # Minting How to mint reUSD and reUSDe. ## Eligibility and prerequisites In order to mint reUSD/reUSDe, you must fulfill the following requirements: * Jurisdictional eligibility: reUSD and reUSDe are available to users in most countries worldwide. You can confirm that your jurisdiction is supported [here](https://app.re.xyz/). * KYC/AML completion: See below. * A compatible wallet extension or app that supports EVM networks (e.g., MetaMask or Walletconnect). * Assets for minting purposes: * **reUSD**: USDC, USDT, sUSDe, USDe * **reUSDe**: USDe, sUSDe * A compatible wallet extension or app ## KYC/KYB (Mandatory)
Why does Re require mandatory KYC/KYB? A portion of protocol capital is deployed into reinsurance programs operated by Re’s reinsurance partner, **CoverRe SPC Ltd.**, licensed in the Cayman Islands and regulated by the Cayman Islands Monetary Authority (CIMA). As a standard regulatory requirement, Cover Re SPC Ltd. must verify that: * Capital providers are not sanctioned individuals or entities * Funds are not connected to money laundering or other prohibited activity
Who needs it, and what's supported? Completion is required for every participant, both individuals and legal entities (i.e. companies, foundations, DAOs with legal wrappers) in order to mint or redeem tokens. **Individuals**: Standard KYC identity verification (government-issued ID + liveness check) **Entities**: Entity-level KYB verification, including beneficial ownership documentation. To start KYB, email with your entity name and jurisdiction; a member of the team will respond within 48 hours with the document checklist and intake form. If your country is unsupported by the KYC provider, you will be notified during the verification process.
Who runs KYC, and what data is collected? Re partners with a third-party KYC/AML provider to conduct verification. During the process, you will be asked to provide: * Full legal name and date of birth (individuals) * Government-issued photo ID (passport, national ID, or driver's license) * Proof of address (for some jurisdictions) * Tax ID * Liveness / selfie check Note that Re itself does not store raw identity documents directly; these are handled and retained solely by the KYC provider.
Data handling & privacy Your personal data is processed by Re's third-party KYC provider and is used solely for the purpose of identity verification and sanctions screening. Data is handled in accordance with applicable data protection laws. Re does not share your personal data with third parties beyond what is required for regulatory compliance. For full details, refer to Re's [Privacy Policy](https://re.xyz/privacy).
What happens if KYC fails? If you believe that KYC failed in error, please open a ticket on our [Discord server](https://discord.gg/reprotocol).
## Minting ### KYC (step-by-step flow) {% stepper %} {% step %} ## Go to the app. Visit [app.re.xyz/reusd](https://app.re.xyz/reusd) (for reUSD) or [app.re.xyz/reusde](https://app.re.xyz/reusde) (for reUSDe). {% endstep %} {% step %} ## Connect your wallet. Connect a compatible wallet (such as Metamask). Provide an email address and agree to the Platform Agreement when prompted. {% endstep %} {% step %} ## Select your deposit asset and amount. Choose the approved token you wish to deposit and enter the amount. The interface will display the protocol tokens you will receive in return. {% endstep %} {% step %} ## Review and accept the fee schedule and Token Purchase Agreement (TPA). Before proceeding, you will be shown the applicable fee schedule and the Token Purchase Agreement. Read both carefully and confirm your acceptance. This step confirms your understanding of the minting process, fees, and escrow conditions. {% endstep %} {% step %} ## Deposit your funds. Your assets are transferred to an onchain escrow contract, wherein they are held securely while KYC is completed. {% endstep %} {% step %} ## Complete KYC. Follow the on-screen prompts to submit your identity documentation via Re's KYC provider. This typically takes a few minutes. {% endstep %} {% step %} ## KYC outcome: * **Pass**: Your reUSD or reUSDe tokens are minted and sent directly to your wallet. Idle assets are automatically swept to a Fireblocks vault and begin earning yield. * **Fail / additional info needed**: You will be prompted to submit further documentation. Alternatively, you may request the release of your funds by contacting support via {% endstep %} {% endstepper %} ### KYB {% stepper %} {% step %} ## Contact us at Please include all relevant details about your business. We typically respond within two business days. {% endstep %} {% endstepper %} ## Fees, Timing & Settlement | **Item** | **reUSD** | **reUSDe** | | --------------------------- | ------------------------------------- | ------------------------------------- | | **Deposit assets accepted** | USDC, USDT, USDe, sUSDe | USDe, sUSDe | | **Minting fee** | Refer to fee schedule at time of mint | Refer to fee schedule at time of mint | | **KYC timing** | Typically minutes (individuals) | Same | | **Token delivery** | Upon KYC approval | Upon KYC approval | | **Yield start** | Immediately upon minting; | Immediately upon minting; | | **NAV update** | Daily at UTC 00:00 | Daily at UTC 00:00; | **Note**: Fee schedules are presented during the mint flow before you commit. Always review the current schedule before proceeding. ## Common Issues / Troubleshooting | **Issue** | **Likely cause** | **Resolution** | | ---------------------------------------------- | ---------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------- | | KYC verification stuck or pending | Provider requires additional review | Wait 2-3 business days; contact if unresolved | | KYC failed | Unsupported jurisdiction, document mismatch, or sanctions screen | Review the failure notice for specifics; request a refund from escrow if unresolvable | | Wallet not connecting | Browser extension issue or unsupported wallet | Try refreshing, clearing cache, or switching to MetaMask | | Transaction reverted on deposit | Insufficient token allowance or network congestion | Approve the correct token spend limit and retry | | Tokens not appearing in wallet | Token contract not added to wallet | Add the [reUSD](/products/smart-contracts#reusd) or [reUSDe](/products/smart-contracts#reusde) contract address for your network | | Email / platform agreement popup not appearing | Pop-up blocked by browser | Disable pop-up blockers for re.xyz and reload | For any unresolved issues, contact . The team typically responds within 48 hours. *** *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.* # Redemptions How to redeem reUSD and reUSDe. | **Parameter** | **reUSD** | **reUSDe** | | ------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Cadence** | Instant while the liquidity buffer is available, subject to a per day cap of 20% of the available redemption pool and a per wallet cap of 10% of that daily pool. Switches to a quarterly window if the buffer is exhausted (i.e. falls below 1% of total reUSD supply). | Decisions on whether reUSDe can support a redemption are made on a quarterly basis. This decision is made based on regulatory collateral requirements and contract collateral release. Redemption windows are announced through Re's official channels. | | **Queue mechanism** | First-come, first-served while instant buffer is available; then joins quarterly queue | Split proportionally across all requests in the quarterly window | | **Payout ratio** | 100% while buffer > 1% of supply; split proportionally in quarterly window | Pro-rata across all requests in the window; payout ratio = (available window capital) ÷ (total requested). Unfilled reUSDe is returned at claim, continues earning yield, and may be submitted in a future window. | | **Execution price** | NAV at time of redemption processing (daily update at UTC 00:00) | NAV at time of redemption window close. | | **Fees** | Refer to current fee schedule | Refer to current fee schedule | | **Cancelability** | Requests in queue can be cancelled; instant redemptions are final | Requests can be cancelled before the quarterly window closes | | **KYC revocation impact** | Request cancelled; tokens returned | Request cancelled; tokens returned | Live redemption capacity and queue status are visible on the app at [https://app.re.xyz](https://app.re.xyz/). ## Liquidity Policy & Buffers Re's liquidity management is designed to support routine redemptions while keeping the majority of capital productively deployed. ### reUSD instant buffer * Based on 50% of the high-water mark of reUSD total deposits * Composed of: idle onchain stablecoin balances, capital not currently allocated to active reinsurance contracts, and repayments from maturing reinsurance contracts * **Exhaustion trigger**: If the redemption buffer falls below 1% of total reUSD supply, the contract automatically switches to quarterly-window-only mode. * **Replenishment**: The buffer refills as reinsurance contracts repay principal along with the spread or as the quarterly window settles with excess capital. * Live buffer size is published in real time at [app.re.xyz/transparency](https://app.re.xyz/transparency). ### reUSDe quarterly window capital (once active) Decisions on whether reUSDe can support a redemption are made on a quarterly basis. This decision is made based on regulatory collateral requirements and contract collateral release. Redemption windows are announced through Re's official channels. If total requests exceed available capital, the window fills pro-rata. ### Offchain reserve attestation Offchain trust balances (all held with an independent bank/custodian) are verified daily by The Network Firm via read-only account access, with results published through a Chainlink oracle. This ensures transparent, verifiable proof of collateral at all times. *** *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.* # Q3 reUSDe Redemptions ### The first reUSDe redemption window will open on July 9, 2026. #### Overview * **Submit a redemption request between July 9 and July 22.** The redemption period will last from July 9 at 0:00 UTC through July 22 at 23:59 UTC. * **Claim between July 23 and August 22.** Following the redemption period, claims will become available for 30 days. * **Claims become pro-rata if the total amount exceeds the liquidity threshold.** If total requests exceed $1.5 million, each request is filled proportionally and the unfilled portion of your reUSDe is returned to your wallet. * **Settled in sUSDe.** All redemptions are paid out in sUSDe. * **Yield continues in the queue.** reUSDe continues to accrue both yield and points throughout its time in the redemption queue.
Note that KYC verification is required in order to redeem reUSDe.
#### How to Claim 1. Navigate to the reUSDe section of the Re App () and connect your wallet.
2. Select the “Redeem” tab in the Swap/Mint/Redeem interface on the right side of the app. Enter the quantity of reUSDe you wish to redeem, and select “Request.”
![](/files/a8860abebd1e8c1ced65c939fe5a985fd544207e) 3. The interface will be updated with your redemption status; this includes an estimate of your overall redemption, continuously updated based on total user redemptions against the $1.5 million redemption pool.
4. Upon opening of the claims period on July 23, return to the interface and select “Claim.” Sign the transaction. ![](/files/fbea7983c6e67ea025cb95c21404e07696e20159) 5. The sUSDe from your claim will be deposited into your wallet. In the event of pro rata claims, the remaining reUSDe will be returned to your wallet as part of the same transaction. ![](/files/82f040e3162b53c867bf6e9abdfd5e70e795a7a7) #### Support If you have questions about the claims process or experience technical difficulties with your claim, please contact us by opening a support ticket on our [Discord server](https://discord.gg/reprotocol).\ \
*** *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.* # Loss waterfall order How losses flow through Re's capital structure.
Loss waterfall order
As mentioned earlier, Re’s capital stack consists of three components: * reUSD: the senior layer. The most loss-remote, but earns less rewards than reUSDe. * reUSDe: the mezzanine layer. Takes on more risk than reUSD, but earns greater potential yield in exchange. * Re capital: the junior layer. Re’s accumulated capital and reserves, which shield reUSD and reUSDe from losses. Reinsurance premiums serve as a default foundational layer for any reinsurer; claims and expenses are always paid out of premiums, with additional capital only drawn upon if losses are significantly greater than expected (that is, they exceed premiums). To put it simply, losses flow from the bottom up. In the event that Re’s Combined Ratio exceeds 100, Re capital absorbs the losses before reUSDe endures losses; should an extreme event bring about losses to reUSDe, it’ll absorb further losses before reUSD is impacted. The November 2025 stress test modeled a severe 135% combined-ratio environment. Estimated impairment probabilities were 3.9% for Re capital, 0.9% for reUSDe, and 0.03% for reUSD, becoming progressively lower as losses move upward through the stack. It is also a far cry from the 92% Combined Ratio Re has run across all lines of reinsurance to date (as of June 2026). See [Scenario walkthroughs](/capital-stack-and-loss-waterfall/scenario-walkthroughs#how-far-this-is-from-impairing-reusd-or-reusde) for the assumptions behind those estimates. Re keeps its Combined Ratio profitable by sticking to lines with minimal catastrophe exposure and long histories of stable results. Catastrophe lines can pay more, but they can also lose far more. Hurricane, flood, and wildfire books have posted Combined Ratios near 150% in bad disaster years.\ \ Because a portion of reUSD is kept onchain as a liquidity buffer for redemptions, total impairment of reUSD is an exceedingly remote possibility. *** *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.* # Scenario walkthroughs ### Portfolio Assumptions The current book spans four years of treaties across commercial auto, homeowners, commercial liability, workers' compensation, and commercial property. No treaty has finished above a 99% combined ratio, and most cluster near 93%. The 2025 book closed at 93%. Two layers of capital sit beneath reUSD before it can take a loss, and one beneath reUSDe. Re's own capital absorbs first, then reUSDe, then reUSD. In dollars, that is about $20M of Re capital and $15M of reUSDe: roughly $35M that has to be fully exhausted before reUSD is impaired, and $20M before reUSDe is. Re's own money is always first to go, and it goes in full before either token is touched. In combined-ratio terms, premiums and the buffer cover claims to 105%, Re capital absorbs from 105% to 110%, reUSDe from 110% to 115%, and reUSD only above 115%. The scenarios below show how far the book has to move before any of this matters. ### Scenario 1: One Treaty Fails Badly Take the largest treaty on the book, a commercial liability deal with about $90M in ceded premium, and run it at a 130% combined ratio. That treaty loses about $27M. It lands on a book where everything else is profitable: the other $260M of premium at 93% earns about $18M, absorbing most of the loss. The portfolio finishes near 102.5%, roughly $9M underwater on $350M. That stays inside the buffer. Re capital is untouched, and both tokens sit behind Re capital. The single largest treaty failing badly does not come close to token holder money. ### Scenario 2: An Entire Line Turns Take every commercial liability treaty across all four years, about $120M in ceded premium, and run the whole line at 115%. The line loses about $18M. The rest of the book, $230M at 93%, earns about $16M. The portfolio finishes near 100.5%, barely above breakeven and well inside the buffer. Re capital and both tokens are untouched. ### How Far This Is From Impairing reUSD or reUSDe Both scenarios land near breakeven. Impairing a token takes losses far larger and far broader, and the structure puts four independent barriers in the way. Start with capital. Before reUSD loses a cent, the full $35M of Re capital and reUSDe beneath it has to be gone. Before reUSDe loses a cent, Re's own $20M has to be gone first. Re's money goes ahead of token holders, in full, every time. Then the combined ratio. reUSDe is not touched until the whole book averages above 110%, and reUSD not until above 115%. No treaty has ever finished above 99%, and the 2025 book came in at 93%. Across all lines of reinsurance to date, Re has run a 92% Combined Ratio (as of June 2026). Then the modeling. The November 2025 stress test modeled a 135% combined ratio environment, far beyond anything the book has experienced. Even under that stress, modeled impairment probabilities were 3.9% for Re capital, 0.9% for reUSDe, and 0.03% for reUSD. Each layer is roughly an order of magnitude safer than the one beneath it. Then the history. Reinsurance combined ratios have ranged from 80% to over 150% across the past two decades, but that volatility is property catastrophe: hurricanes, wildfires, earthquakes. Re writes none of it. The sector's worst years, 2017 and 2023, were catastrophe years. Strip catastrophe out and Re's lines run below industry across the board, homeowners at 36% against an industry 79%, commercial auto at 70% against 81%. The 150% world is the catastrophe market, not Re's book. These are modeled estimates, not guarantees, and past results do not guarantee future performance. The point is the distance. By capital, by combined ratio, by modeled probability, and by the kind of risk Re writes, reUSD and reUSDe sit far from the line where losses reach them. ### Why They Get More Remote Over Time Re's capital absorbs losses first, and as it and reUSDe grow alongside the book, the cushion beneath the tokens grows with them. Re grows that cushion deliberately, keeping subordinated capital ahead of the book. More independent programs, lines, and insurers also mean no single treaty or line can move the portfolio, which is what the scenarios show: double the book to $700M and hold the same shocks, and Scenario 1 lands near 98% rather than 102.5%, Scenario 2 near 96.8% rather than 100.5%. The one risk diversification does not remove is a broad, correlated downturn, where a single force moves many lines at once. That is the case the stress test is built to capture, and even there the modeled probability of reUSD impairment is 0.03%. It is also why Re holds a first-loss buffer and writes only frequency lines with no catastrophe exposure. reUSD sits last in the structure by design, and it is built to sit further back as Re grows. *** *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.* # Interactive waterfall simulator An interactive loss waterfall simulator. Coming soon! *** *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.* # Risk overview Potential avenues to underwriting loss. ## Risk, Controls, and What Can Go Wrong *Note: full details of Re’s reinsurance portfolio can be found at* [*https://app.re.xyz/capital-strategy*](https://app.re.xyz/capital-strategy) Reinsurance is inherently the practice of insurance companies paying premiums in order to pass on risk to reinsurers. That risk can be subdivided into a number of categories. ### Tail Risk Tail risk is the risk that losses turn out to be worse than expected in any given line of business. This can happen by two paths: * Tail length = how long it takes for losses to fully emerge and settle * Tail width = how bad losses can become in extreme scenarios Let’s subcategorize that a little further! * Thin tail (e.g., personal auto insurance): losses are predictable and tend to have little variance * Fat tail: (e.g., catastrophe insurance): losses can be extreme and far worse than expected * Short tail (e.g., auto collision): claims are reported and settled quickly * Long tail (e.g., worker’s compensation): claims take a long time to fully emerge and settle, and the full cost might not be known for years Re’s investment strategy minimizes tail risk by focusing chiefly on thin-tailed lines of reinsurance, with minimum exposure to catastrophic risk. ### Correlation Risk Correlation risk is the risk of being too heavily exposed to a single line of business, geography, insurer, or type of event. Even a portfolio that looks diversified can still be vulnerable if the wrong variables are correlated. This, too, can be subcategorized. Some examples include: * **Event correlation:** the risk of multiple lines being hit simultaneously by the same event. For example, an earthquake won’t just generate homeowners claims; it’ll also generate claims for auto insurance, liability, and so on. * **Geographical correlation:** the risk of excessive geographical concentration producing events that affect many policyholders simultaneously. A reinsurer concentrated in Florida, for example, is highly vulnerable to hurricanes. * **Economic correlation:** the risk of a financial crisis generating claims across multiple lines. Re minimizes correlation risk by focusing on an intentionally diverse array of reinsurance lines and geographies. ### Liquidity Risk Liquidity risk is the risk of the reinsurer not having enough cash on hand to pay claims when they come due. Reinsurers can suffer financial losses via being forced to sell illiquid assets at a loss in order to pay claims on time, and those losses can risk them failing to pay out claims altogether. A reinsurer that fails to pay out claims in a timely manner can face termination of contracts with insurers, which can compound a liquidity crisis by necessitating the reinsurer to return the contract premiums. It can also make the acquisition of future business with insurers more difficult, thereby further depriving the reinsurer of capital. Re materially reduces liquidity risk by sequestering collateral in Regulation 114 trust accounts for the benefit of the ceding insurer. ### Oracle/Pricing Risk Oracle/pricing risk is the risk that oracles provide the wrong data, whether by manipulation, delays, or simple inaccuracy, leading to decisions made on bad data. This can result in losses for holders or the protocol. Re maintains its own oracles for reUSD and reUSDe. These are updated daily and reflect the current price at which the protocol will mint or redeem each token. *** *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.*\ \ *Cover Re SPC is unaffiliated with Resilience Foundation. The protocol governs token issuance and capital routing. The reinsurer operates independently under CIMA oversight.* # Risk limits & controls How Cover Re limits risk factors. Prudent reinsurers use a layered set of limits and controls to keep any single event or counterparty from threatening the portfolio. Cover Re SPC Ltd. applies these at the front end of underwriting (what gets bound and on what terms) and at the back end (how the resulting exposure is structured and laid off). ## Diversification The largest single source of risk in a reinsurance portfolio is the business written, and diversification is the first defense. Cover Re SPC Ltd. spreads exposure across geography, across perils and causes of loss, and across the business operations of the cedents it supports. Geography matters for property catastrophe for obvious reasons (a hurricane in Florida is not a hurricane in Texas), but it also matters for casualty, where the jurisdiction of a lawsuit drives the outcome as much as the underlying facts. Operational mix matters because contractor business, restaurant business, and retail business each respond differently to macroeconomic cycles and have different claim drivers. ## Exposure limits Re caps how much premium and how much limit any single contract can represent within the portfolio, and carefully manages the ratio of premium to limits within each contract. A book that collects $10M of premium against $10M of policy limits is one loss away from being wiped out. Keeping that ratio balanced, within thresholds we set internally, is what prevents any single claim from threatening the broader portfolio. ## Collateral policy Regulatory collateral supporting our reinsurance contracts is held in ring-fenced trusts. This protects ceding insurers and isolates the collateral from general liquidity demands. ## Contract structure Reinsurance contracts themselves can be written with structural caps on loss. We use aggregate limits on catastrophe exposure and overall treaty limits on total loss recoverable. These features make sure that no single treaty, regardless of how the underlying business performs, can blow up the broader portfolio. ## Retrocession After the front-end controls and the contract structuring, the residual tail risk that remains can be transferred through retrocession, which is reinsurance bought by reinsurers. Retrocession is how we move severe tail outcomes off our balance sheet. ## Stress tests Every contract Cover Re SPC Ltd. writes is modeled for volatility, which produces a full distribution of outcomes for the position. From that distribution we can read what our result would be at the 99th percentile, the 99.9th percentile, and beyond. The output is not itself a risk mitigant; it is a tool that informs the rest of the framework: how much capital we need to hold to survive a given severity, how much retrocession we should buy and at what attachment, and which business we should avoid if the capital cost of carrying it is too high. No reinsurer can hold enough capital to survive every conceivable scenario short of holding infinite capital, so the question stress testing answers is where to set the risk tolerance, and how to spend capital and retrocession against that tolerance. ## Risk register Cover Re SPC Ltd. maintains a risk register: a ledger of known risks, who owns them, what action is being taken on each (avoid, mitigate, or transfer), and how likely and how severe each is. The register is reviewed on a regular cadence to catch new risks as they emerge and to retire ones that no longer apply. For a pure reinsurance operation, the categories on the register are well established: asset and market risk, interest rate risk, foreign exchange risk, credit and counterparty risk, underwriting risk, reserve risk, catastrophe risk, and operational risk. Underwriting risk and catastrophe risk are typically the largest of these. Operational risk tends to be small. Re's structure adds a second layer. Because the protocol issues yield-bearing stablecoins backed by collateral that sits behind the reinsurance contracts, the register also covers risks specific to a DeFi-native issuer: smart contract risk, custody and chain-of-control risk, infrastructure and security risk, and the integrity of the data feeds the protocol relies on. These sit alongside the reinsurance categories rather than replacing them. *** *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.*\ \ *Cover Re SPC is unaffiliated with Resilience Foundation. The protocol governs token issuance and capital routing. The reinsurer operates independently under CIMA oversight.* # Stress tests About Re's stress tests. Stress tests are analyses that show how a reinsurer’s portfolio would perform under extreme scenarios. The results are helpful toward guiding underwriting policy, determining safe exposure limits, deciding upon reserves, determining retrocession needs, and all the other layers that feed into a reinsurer pursuing a prudent business strategy. Every contract Cover Re SPC Ltd. writes is modeled for volatility, which produces a full distribution of outcomes for the position. It can be read from that distribution what the result would be at the 99th percentile, the 99.9th percentile, and beyond. The output is not itself a risk mitigant; it is a tool that informs the rest of the framework: how much capital must be held to survive a given severity; how much retrocession must be bought and at what attachment; and which business should be avoided if the capital cost of carrying it is too high. No reinsurer can hold enough capital to survive every conceivable scenario, short of holding infinite capital, so the question stress testing answers is where to set the risk tolerance, and how to spend capital and retrocession against that tolerance. *** *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.*\ \ *Cover Re SPC is unaffiliated with Resilience Foundation. The protocol governs token issuance and capital routing. The reinsurer operates independently under CIMA oversight.* # Risk register About Cover Re's risk register. Cover Re SPC Ltd. maintains an extensive risk register: a ledger of known risks, who owns them, what action is being taken on each (avoid, mitigate, or transfer), and how likely and how severe each is. The register is reviewed on a regular cadence to catch new risks as they emerge and to retire ones that no longer apply. For a pure reinsurance operation, the categories on the register are well established: asset and market risk, interest rate risk, foreign exchange risk, credit and counterparty risk, underwriting risk, reserve risk, catastrophe risk, and operational risk. Underwriting risk and catastrophe risk are typically the largest of these. Operational risk tends to be small. Re's structure adds a second layer. Because the protocol issues yield-bearing stablecoins backed by collateral that sits behind the reinsurance contracts, the register also covers risks specific to a DeFi-native issuer: smart contract risk, custody and chain-of-control risk, infrastructure and security risk, and the integrity of the data feeds the protocol relies on. These sit alongside the reinsurance categories rather than replacing them. *** *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.*\ \ *Cover Re SPC is unaffiliated with Resilience Foundation. The protocol governs token issuance and capital routing. The reinsurer operates independently under CIMA oversight.* # Dashboard overview About the Re App Re is committed to providing full transparency into what's happening. This page explains what we publish, how to read it, where the numbers come from, who checks them, and what happens when something goes wrong. Everything we claim is either verifiable onchain or attested by an independent third party. ## Two dashboards There are two dashboards. They're designed to be read together. **Metrics** ([app.re.xyz/metrics](https://app.re.xyz/metrics)) is the real-time data layer. Total capital, token prices, yields, onchain reserves by asset and chain, historical charts going back to inception. If you want to know the current state of the protocol, start here. **Capital Strategy** ([app.re.xyz/capital-strategy](https://app.re.xyz/capital-strategy)) shows you how the capital is structured and deployed. What lines of business it backs, how each treaty is performing, and how onchain deposits move into the regulated reinsurance system. *** *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.* # How to read the dashboard The headline numbers look simple. The meaning behind them is where the work is. This section walks through how to read what you're seeing. ## The four top-line numbers Both dashboards open with the same four cards: * **Total Value Locked (TVL)**: onchain capital + offchain capital + premium receivable. It's the total economic footprint of the protocol. * **Onchain Capital**: the dollar value of stablecoins and LP positions backing reUSD and reUSDe, held in core protocol contracts across Ethereum, Base, Arbitrum and Avalanche. This is verifiable onchain by anyone, in real time. Token contracts also exist on additional networks; see [Smart contracts](/products/smart-contracts#tokens) for the deployment list. * **Offchain Capital:** the fiat held in regulated bank and trust accounts (including Reg 114 trusts) backing the reinsurance contracts. Balances are verified daily by The Network Firm and published through Chainlink. The Network Firm also performs custody ownership checks on protocol wallets, not just balance checks. * **Premium Receivable**: premiums owed under active reinsurance contracts but not yet collected. These are contractual payments that will flow to Re as policies continue to earn. Think of it as accounts receivable from the reinsurance programs. This number is regularly audited. Onchain Capital is what's liquid and instantly verifiable. Offchain Capital is what's deployed as regulatory collateral. Premium Receivable is what has been earned but is still inbound. TVL is the sum. ## Premiums vs. losses The fundamental question for any reinsurance business is whether premiums collected exceed the sum of losses paid plus expenses. If yes, the book is profitable. If no, it's not. The Treaty Performance chart on the Capital Strategy page shows ceded premium by line of business over time, from Re's first treaties in 2022 through the current year. This is your view of how the premium base has grown and how the business mix has evolved. For the loss side of the equation, look at the Treaty Performance table directly below the chart. Each active treaty shows its ceded premium and its combined ratio, which is the standard way insurance companies express losses plus expenses as a percentage of premiums. ## Combined ratio The combined ratio is the single most important number in reinsurance. It tells you whether underwriting is profitable. It is calculated in percentage form as: ``` Combined Ratio = (Losses + Expenses) ÷ Premiums ``` * Below 100% means the treaty is profitable (premiums exceed claims plus expenses). * Above 100% means the treaty is losing money (claims plus expenses exceed premiums). * A ratio of 90%, for example, means that 10 cents of every premium dollar is underwriting profit. The treaty table shows two combined ratio columns for each contract: * **Combined Ratio at Inception** — what the treaty was projected to produce when written. It reflects the underwriting assumptions at binding. * **Latest Combined Ratio** — the current number based on actual claims experience to date. Comparing the two tells you whether a treaty is tracking better, worse, or in line with expectations. ## Reserves and buffers Reserves are the protocol's ability to absorb volatility and meet claim redemption requests. There are several layers, and the dashboards surface all of them. **Total Protocol Reserves.** Onchain Capital plus offchain Capital, as shown in the top cards. This is the full capital base backing the tokens. Onchain is verifiable onchain. Offchain is attested daily by The Network Firm and published via Chainlink. **Onchain Reserves Breakdown.** The reserves table on the Metrics page lists every onchain asset the protocol holds, broken out by chain and by token. Each line shows the token balance, the USD value, and its percentage of the total onchain portfolio. You can verify every line by checking the contract addresses on the relevant block explorer. **Redemption Reserves by Chain.** A dedicated section of the same table shows how much capital is available for instant reUSD redemptions on each network. If you're about to redeem and want to know whether your chain has instant capacity, this is where you look. **Redemptions.** reUSD is built to be redeemable on demand. The protocol holds a dedicated buffer of liquid onchain reserves set aside for redemptions, so most of the time you can redeem reUSD and receive USDC or sUSDe in a single transaction. *** *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.*\ \ *Cover Re SPC is unaffiliated with Resilience Foundation. The protocol governs token issuance and capital routing. The reinsurer operates independently under CIMA oversight.* # Oracles The protocol publishes oracle data that integrating protocols can read. There are protocol-operated NAV feeds, AggregatorV3Interface wrappers over those feeds (delivered via Chainlink CRE / CCIP), a pull-based Data Stream for reUSD NAV, and an offchain reserves attestation feed: ## reUSD NAV oracle Publishes the daily mint and redeem price for reUSD. Protocol-operated, updated daily at 00:00 UTC, and not derived from secondary-market pricing. See the canonical [reUSD NAV oracle address list](/products/smart-contracts#reusd-nav-oracle) for deployed networks and explorer links. ## reUSD redemption rate stream (Chainlink Data Streams) The reUSD NAV is also available as a Chainlink Data Stream: a pull-based, DON-signed report (schema v7, Exchange Rate) that integrators can fetch via the Data Streams API and verify onchain on supported chains. | Field | Value | | ----------------- | --------------------------------------------------------------------------------------------- | | Stream ID | `0x00072c74e4a28e4cb93cf0551e1bd992af743db37ce791d65cccadd7556f5c40` | | Report schema | v7 (Exchange Rate) | | Source | reUSD NAV oracle (daily mint/redeem price, not secondary-market pricing) | | Access | Chainlink Data Streams API (allowlisted); reports verified onchain via the Chainlink Verifier | | Chainlink catalog | | | Reference | | The stream ID is the canonical identifier consumers use to subscribe to and verify reports. It is chain-agnostic, not a contract address, and there is no onchain account that "is" the stream. Chainlink's DON sources the rate from the protocol's NAV oracle, signs reports against this stream ID, and serves them offchain. Any allowlisted integrator can pull those reports and verify them onchain via the Chainlink Verifier on their target chain. ## reUSDe NAV oracle Publishes the daily mint and redeem price for reUSDe, on the same daily cadence. See the canonical [reUSDe NAV oracle address list](/products/smart-contracts#reusde-nav-oracle) for deployed networks and explorer links. ## Chainlink CRE / CCIP oracles AggregatorV3Interface wrappers over the protocol NAV oracles above, so integrators can read NAV through the usual Chainlink feed interface. They are not independent Chainlink price oracles: the value is Re's NAV, delivered via Chainlink Runtime Environment (CRE) or Chainlink CCIP. Each supported chain exposes an 18-decimal and an 8-decimal reader. Tempo has token deployment only; no wrapper yet. The canonical wrapper address lists are maintained in Smart contracts: * [reUSD CRE / CCIP oracle addresses](/products/smart-contracts#reusd-cre-and-ccip-oracles) * [reUSDe CRE / CCIP oracle addresses](/products/smart-contracts#reusde-cre-and-ccip-oracles) ## Offchain reserves feed (Chainlink) Aggregate offchain reserve and §114 trust account balances, attested daily by The Network Firm and published onchain via Chainlink. See the canonical [reserves feed and reader contract](/products/smart-contracts#reserves-attestation). *** *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.* # Audits / attestations / custody structure ## Smart Contract Audits The protocol has been audited by [Sherlock](https://sherlock-files.ams3.digitaloceanspaces.com/reports/2026.07.25%20-%20Final%20-%20Re.xyz%20Collaborative%20Audit%20Report%201784984640.pdf) (collaborative audit, July 2026), Certora (formal verification, Sept 2025), and by Hacken across three engagements (NAV Oracle Apr 2025, Core Contracts Dec 2024, DeFi Contracts Sept 2024). ## Reserve Attestations The Network Firm performs daily Agreed-Upon Procedures (AUP) attestations on offchain reserve balances and custody ownership. Results are published via Chainlink oracles. The most recent full AUP report is the[ October 2025 AUP Report](https://storage.googleapis.com/foundation-files/AUP-Report-2025.pdf). This is not a self-reported balance; it is an independent firm verifying custodial account balances and wallet ownership, and publishing the results through decentralized oracle infrastructure every day. ## Custody Structure Onchain custody. Deposit vaults are onchain smart contracts. Idle capital sweeps daily into Fireblocks institutional custody vaults governed by multisig policy. This minimizes smart contract exposure for capital that isn’t actively needed for redemptions. Offchain custody. Deployed capital sits in Section 114 trust accounts, a U.S. regulatory structure that holds reinsurance collateral in segregated bank accounts, separate from the reinsurer’s general assets. This gives ceding insurers regulatory credit for the reinsurance arrangement and ensures depositor capital isn’t commingled with Cover Re SPC Ltd.’s operating funds. Legal structure. Cover Reinsurance SPC, Ltd. is a Cayman Islands Class B(iii) insurer regulated by the Cayman Islands Monetary Authority (CIMA), acting for and on behalf of Cover Reinsurance Segregated Portfolio #1 (SP1) for reUSD and reUSDe business. Cover Re SPC Ltd. is unaffiliated with Resilience Foundation; the two operate as separate legal entities, with distinct governance and independent CIMA oversight of the reinsurer. The segregated portfolio structure ring-fences reinsurance liabilities from any other activities. Notes are purchased by Resilience Inv SPC (Cayman) through separate segregated portfolios: Portfolio 1 for the reUSD cell, Portfolio 2 for the reUSDe cell. Resilience (BVI) Ltd. (incorporated October 23, 2024) issues the reUSD and reUSDe tokens; proceeds are contributed to the SPC under trust and contribution arrangements. Resilience Foundation (Cayman, incorporated October 7, 2024) governs the protocol and acts as agent for token holders. Principal-at-Risk Notes. The legal instrument connecting onchain deposits to offchain capital is a Principal-at-Risk Note, not a surplus note. Cover Reinsurance SPC Ltd. issued a $100M Program on April 2, 2026, under a Master Terms and Conditions document, with a five-year term (matures April 2, 2031) and rollover by mutual agreement up to five additional years. Coupon is 30-Day Average SOFR plus a tranche spread (500 bps for M1, 950 bps for M2), payable annually in arrears and subject to CIMA-mandated Solvency Condition and Collateral Requirement deferral gates with catch-up payments on deferrals. These note-level coupon spreads are distinct from the token-level spreads described on the [reUSD](/products/about-reusd) and [reUSDe](/products/about-reusde) pages. The Notes are unsecured, limited-recourse obligations of Cover Re SPC Ltd.'s SP1 only, with no cross-portfolio recourse, no recourse to general assets, and no guarantees from any other entity. They are subordinated to cedent and policyholder claims and rank ahead of equity distributions. Every drawdown and repayment is recorded in the Surplus Note Registry contract and emits NoteDraw / NoteRepay events onchain. reUSD and reUSDe token holders have no direct legal claim on §114 trust assets; their economic exposure is through the Note. The program received CIMA approval. ## Access Control and Who Signs Off The protocol uses UUPS upgradeability with a 48-hour timelock on chains where a TimelockController is deployed. A Gnosis Safe owns the CCIP token pools used for cross-chain transfers. Upgrades under the timelock path are proposed and executed by governance under a 3-of-5 multisig. For day-to-day operations, critical roles are separated across four dedicated controller wallets using 3-of-5 or 5-of-8 MPC approval. There is no single admin key nor any single point of failure. The canonical list of wallet addresses, approval thresholds, and permissions is maintained under [Controller wallets](/products/smart-contracts#controller-wallets). Any upgrade or config change published onchain can be traced back to one of these wallets. The 48-hour timelock means any user can see a queued action and exit the protocol before it takes effect, should they disagree with it. ## Oracle Guardrails The NAV oracle is monotonic (values only move upward). Daily upward moves are capped at 20%/365, and the maximum per-update deviation is enforced onchain. Daily updates are pushed by a dedicated NAV updater role; emergency updates require a 3-of-5 multisig. The daily NAV reflects yield generated by backing assets. It does not incorporate day-to-day spot price fluctuations of sUSDe, USDC, or other collateral. The sUSDe oracle used for mints and redeems is a spot oracle with an upper cap at the intrinsic exchange rate, so small basis dislocations cannot push the quoted price above redemption value. The 6 bps redemption fee provides an additional buffer against minor fluctuations. The redemption contract also enforces a hard revert if USDe spot is below $0.99, preventing redemptions at dislocated prices during a depeg. For larger depeg events beyond the spot-cap threshold, the protocol pauses instant redemptions on detection, assesses fair value, and reopens only after the oracle reflects the adjustment. ## Emergency Pause Pause is executed through the Access Manager (MPC 5-of-8) and the Redemptions Config wallet (MPC 3-of-5). Authority sits with a geographically distributed set of individuals. Trigger criteria are narrow: peg dislocation on sUSDe or other reserve assets beyond threshold bands; oracle failure or stale feeds or detected manipulation; a smart contract exploit or critical vulnerability in a protocol dependency; custody or counterparty compromise at Fireblocks or the §114 trust custodian; regulatory action requiring cessation of redemptions under CIMA or a relevant jurisdiction;or operational failures in the mint or redemption pipeline that would produce incorrect accounting. Unpause requires approval from the executive and risk teams, followed by a 48-hour delay before it takes effect. The 48-hour clock runs from the onchain unpause approval event on the Redemptions Config wallet. *** *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.*\ \ *Cover Re SPC is unaffiliated with Resilience Foundation. The protocol governs token issuance and capital routing. The reinsurer operates independently under CIMA oversight.* # Resource library Helpful resources for learning about reinsurance and RWAs. This section provides a curated list of helpful resources for going deeper on reinsurance, the broader insurance market, and the onchain real-world-asset ecosystem Re sits within. We've grouped them by purpose. If you're new to the space, the items marked ★ are the best starting points. ### Reinsurance 101 For a quick, easy-to-read primer for beginners on reinsurance, check out Reinsurance 101 on the [Re Discord server](https://discord.gg/reprotocol). ### Foundational Education These are the resources we'd recommend for building a structural understanding of how reinsurance actually works. * ★ [The Essential Guide to Reinsurance](https://www.swissre.com/Library/the-essential-guide-to-reinsurance.html) (Swiss Re). A clear, accessible introduction from one of the world's largest reinsurers. Covers the function of reinsurance, the main contract types, and why it matters to the broader economy. Free download. * ★ [Fundamentals of Reinsurance](https://reinsurance.org/Common/Uploaded%20files/Fundamentals/FundamentalsofReinsuranceandGlossaryofReinsuranceTerms.pdf) (Reinsurance Association of America \[RAA]). The industry's standard primer. Detailed but readable, with a comprehensive glossary of terms. Probably the single best free PDF on the subject. * [Background on Reinsurance](https://www.iii.org/publications/insurance-handbook/regulatory-and-financial-environment/background-on-reinsurance) (Insurance Information Institute). A short, plain-English explainer that covers the basic vocabulary and structure of the market. * [Introduction to Reinsurance](https://elearning.londonschoolofinsurance.com/pdf/en/Introduction_to_Reinsurance.pdf) (London School of Insurance / Africa Re). A free 90-page course-style PDF that goes deeper than the typical primer, with worked examples and end-of-chapter exercises. Useful if you want to go from "I get it" to "I really get it." * [Reinsurance Education Institute](https://www.reinsurance.org/RAA/RAA/Events/Reinsurance%20Education.aspx) (RAA). The industry's professional education arm. Hosts in-person seminars (Re Basics, Re Claims, Re Finance) for those who want formal training. ### Glossaries and Reference For when you hit a term and want a clean definition. * ★ [NAIC Glossary of Insurance Terms](https://content.naic.org/glossary-insurance-terms). The authoritative U.S. reference, maintained by the National Association of Insurance Commissioners. * RAA Glossary of Reinsurance Terms (included in the Fundamentals PDF above). Reinsurance-specific where the NAIC glossary is broader. ### Industry News and Market Coverage These are the publications working reinsurance professionals actually read. The first three are the highest-signal for someone trying to track the market in real time. * ★ [Reinsurance News](https://www.reinsurancene.ws/). A daily news feed focused exclusively on reinsurance. Good for tracking deals, market movements, and personnel changes. * ★ [Artemis](https://www.artemis.bm/). The longest-running publication covering catastrophe bonds, ILS, and alternative reinsurance capital. Essential reading for anyone interested in how capital markets connect to insurance risk — which is exactly the bridge Re is building. * [The Insurer](https://www.theinsurer.com/). A leading global publication with strong coverage of specialty reinsurance, the London market, and the U.S. specialty/E\&S sector. * [Insurance Business: Reinsurance](https://www.insurancebusinessmag.com/reinsurance/news/breaking-news/). Free reinsurance section with broad daily coverage. * [Insurance Journal: Reinsurance](https://www.insurancejournal.com/reinsurance/). Strong U.S.-focused coverage from a long-running trade publication. * [Global Reinsurance](https://www.globalreinsurance.com/). International coverage with a focus on broker insights and renewal dynamics. ### Market reports and data These are the periodic reports the industry uses to track capital, capacity, and pricing. They are the closest thing to "market structure data" for reinsurance. * [Aon — Reinsurance Market Dynamics](https://www.aon.com/en/insights/reports/reinsurance-market-dynamics). Published twice a year (after January 1 and mid-year renewals). Tracks global reinsurance capital, return on equity, and renewal pricing across lines and geographies. The single best free read for understanding the state of the market. * [Guy Carpenter — Renewal Resource Center](https://www.guycarp.com/insights/renewal-hub.html). Marsh's reinsurance broker publishes detailed renewal commentary and capital-tracking charts. * Gallagher Re, Howden Re, and other broker reports. Each of the major reinsurance brokers publishes its own renewal commentary; collectively they give you a multi-perspective read on market conditions. Linked from Artemis's news feed when published. For understanding the legal and regulatory architecture that reinsurance operates within. Particularly relevant for understanding why Cover Re is structured the way it is. * ★ [NAIC — Reinsurance Topic Page](https://content.naic.org/industry_reinsurance.htm). The U.S. regulatory framework, including the Credit for Reinsurance Model Law, Certified Reinsurer and Reciprocal Jurisdiction Reinsurer regimes, and how collateral requirements work for non-U.S. reinsurers. * [A Regulator's Introduction to the Insurance Industry](https://content.naic.org/sites/default/files/inline-files/prod_serv_marketreg_rii_zb.pdf) — NAIC. A long-form PDF aimed at new state regulators. Genuinely good background reading for understanding how the U.S. insurance system is supervised. ### Podcasts For listeners who prefer audio. * ★ [Reinventing Insurance (Oliver Wyman)](https://oliverwyman.com) — "Why Serial Founders Win At Building Insurtech Empires." Hosted by Oliver Wyman partner Paul Ricard. Karn walks through his arc from Stylekick to Cover to Re, with a substantive section on why he believes reinsurance needs new infrastructure and how transparency drives liquidity. The best single audio resource for understanding why Re exists, told from the insurance industry's perspective. Roughly 30 minutes. First broadcast July 2022; full transcript on the page. * [Startup Savant](https://startupsavant.com/startup-savant-podcast/episodes/re) — "How Hiring (And Firing) Can Make or Break Your Startup with Re." Hosted by Ethan Peyton. The first ten minutes are a clean, plain-English explanation of reinsurance from first principles, including Karn's "reinsurance is the ocean and insurance companies are boats" framing and his case for why blockchain belongs in insurance. The rest of the episode is on hiring, firing, and management — useful for founders, but not the focus for readers here. * [Profiles in Risk (Insurance Nerds)](https://podcasts.apple.com/us/podcast/profiles-in-risk/id1209984530). Hosted by Tony Cañas. The largest insurtech podcast, 870+ episodes and counting, updated weekly. Wide-ranging coverage of underwriting, insurtech, AI in insurance, and broader risk topics. Useful for getting a feel for how working insurance practitioners talk about the industry. *** *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.* # Discord support Reach out for assistance. Got a question about Re? Hit a snag? Want to talk to the team and other users directly? The [Re Discord server](https://discord.gg/reprotocol) is our primary support venue.
Re Discord server invite
*** *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.* # Glossary (DeFi-translated) This document references and defines prominent reinsurance and DeFi terms found elsewhere throughout the docs¹ . ## **DeFi (and Re-specific onchain) terms** **Discount to NAV:** when reUSDe trades onchain below its onchain NAV. Driven by liquidity premium (can't instant-redeem) + tail-risk pricing. Similar dynamic to closed-end funds, stETH/ETH spreads, Pendle PTs. **Implied IRR:** when buying reUSDe at a discount: annualized return assuming you hold to the next quarterly redemption and tNAV holds. The framework for evaluating discount-to-NAV trades, though the spread above the base yield is compensation for bearing illiquidity and tail risk rather than riskless arbitrage. **Insurance Capital Layer (ICL):** Re's onchain vault contract for one tranche. Two of them exist: reUSD and reUSDe. Functionally a tranched ERC-4626-style vault. **Monotonic NAV oracle:** Re's daily price feed only moves upward in normal operation. Downward revisions require formal actuarial write-down + 48-hour timelock + 3-of-5 multisig. **NAV (Net Asset Value):** the protocol's calculated per-token value, updated daily at UTC 00:00 via Chainlink. Distinct from market price (what Curve will quote you). Closest analogue: a vault's pricePerShare. **NAV oracle vs. TWAP oracle:** two ways a lending market can value reUSD/reUSDe collateral. NAV oracle = use Chainlink-published economic value. TWAP = use DEX time-weighted price. NAV is stable but lags intraday stress; TWAP is conservative but manipulable in thin pools. **Pendle PT / YT:** splits a yield-bearing token into a Principal Token (right to NAV at maturity, trades at a discount) and a Yield Token (right to all yield until maturity). Live for both reUSD and reUSDe. **Principal-at-Risk Note:** the legal instrument that channels onchain deposits to the offchain reinsurer. Cover Re SPC issues it; Re purchases and holds it; capital flows to a §114 Trust against it. Coupons are the 30-day average SOFR plus 500 bps for the senior M1 tranche and 950 bps for the mezzanine M2 tranche. These note-level terms are distinct from the token-level spreads; see [Principal-at-Risk Notes](/transparency-and-data-show-me-the-receipts/audits-attestations-custody-structure#custody-structure). The bridge between onchain capital and offchain capital used as collateral backing reinsurance treaties. **Pro-rata (in redemptions):** when quarterly requests exceed available surplus, each holder gets the same proportional fill. Unfilled reUSDe is returned when the holder claims and can be submitted in a future window. Same mechanic as oversubscribed token sales. **SOFR:** Secured Overnight Financing Rate. USD risk-free benchmark. Re's reference rate for capital deployed to the §114 Trust. **tNAV (target NAV):** reUSDe-specific. The formal NAV struck quarterly by the actuary; daily prices linearly interpolate toward it between events. A quarterly mark-to-model with daily accrual in between. ## **Reinsurance terms** **Actuary / actuarial gate:** independent insurance mathematicians who certify at quarter-end how much surplus capital can be released for redemptions, and whether tNAV needs to be written down. In DeFi terms: an offchain oracle with statutory authority. They unlock liquidity. **Attritional losses:** the steady, predictable, small-frequency claims any normal book absorbs every period. The opposite of catastrophe (one event blowing a hole). **AUP (Agreed-Upon Procedures) attestation:** The Network Firm's daily independent verification of offchain trust balances and wallet ownership. Results are published onchain via Chainlink Proof of Reserve, which is the same mechanism DeFi users already know from USDC, USDT, and other reserve-backed assets (Re is attesting reinsurance collateral instead of stablecoin reserves). **Capital stack / loss waterfall:** the order in which losses get absorbed. Re's order: Re's equity (junior) → reUSDe (mezzanine) → reUSD (senior). Same idea as tranched DeFi vaults (Idle, BarnBridge), but applied to reinsurance losses. **Catastrophe-lite (cat-lite):** reinsurance lines with low exposure to single large-scale events. Losses are attritional, predictable, and frequency-based; for example, workers' comp, commercial auto, and non-CAT homeowners. Re writes only these. DeFi analogue: lending against blue-chip collateral rather than long-tail tokens. **Cedent / ceding insurer:** the primary insurance company handing off risk and premium to the reinsurer. Re's actual upstream counterparties (Trean, Spinnaker, AmTrust, etc.). **CIMA:** Cayman Islands Monetary Authority. Regulates Cover Re SPC. Caps premium-to-capital leverage at 7:1; Re runs at approximately 3:1 (as of April 2026). **Combined ratio:** (losses + expenses) ÷ premiums. The single most important number in reinsurance. Below 100% = profitable underwriting. 92% means $0.08 of profit per $1 of premium. Re has run a 92% Combined Ratio across all lines of reinsurance to date (as of June 2026). **Cover Re SPC:** Cover Reinsurance SPC, Ltd. The Cayman Class B(iii) reinsurer Re's capital backs. The regulated counterparty that actually signs treaties. Separate legal entity from Resilience Foundation. **Loss ratio:** claims ÷ premiums. Combined ratio's narrower cousin (no expenses). Shows up in Re-vs-industry comparison tables. **The Network Firm:** independent accounting firm with read-only access to Re's offchain trust and custody accounts. Performs the daily AUP attestation verifying balances and wallet ownership. Results are published onchain via Chainlink Proof of Reserve. The Network Firm is the auditor; Chainlink is the oracle (distinct roles in the same pipeline). **Premium (insurance):** recurring payment from policyholder → insurer → reinsurer in exchange for taking on risk. The actual cash flow that funds reUSDe yield. **Premium receivable:** premiums earned under active contracts but not yet collected. Insurance "accounts receivable." Counts in TVL. **Premium-to-capital leverage:** total premiums written ÷ supporting capital. Roughly the underwriting equivalent of a lending protocol's utilization ratio. **Quota-share:** reinsurance structure in which the reinsurer takes a fixed percentage of every policy in a book, sharing premiums and losses proportionally. Equivalent to LPing into a basket rather than concentrating in one bet. **Reinsurance:** insurance for insurance companies. A primary insurer offloads a slice of its policy risk (and a matching share of premiums) to a reinsurer. DeFi analogue: backstopping a lending protocol's bad-debt exposure in exchange for a share of interest income. **Reinsurance treaty:** the contract between insurer and reinsurer. Fixed term, defined limits, defined cession %. Closest DeFi parallel: a fixed-term lending agreement with terms encoded upfront. **Section 114 Trust (§114 Trust):** U.S. regulatory structure: a segregated bank account holding reinsurance collateral, ring-fenced from the reinsurer's general assets. Stands as surety for the reinsurer paying out claims. Gives the ceding insurer regulatory credit. Equivalent to an offchain "vault" with statutory ring-fencing. **Senior / mezzanine / junior tranche:** position in the waterfall. Junior absorbs losses first, earns most. Senior is paid first, hit last. Same vocabulary DeFi structured products use; here the cash flow is underwriting profit, not lending interest. **Surplus / actuarially-released surplus:** capital remaining after reserves are set aside for expected and actual claims. Each quarter's reUSDe redemption pool fills from released surplus. **Underwriting / underwriting profit / underwriting loss:** pricing and accepting insurance risk. Profit = premiums earned − (claims + expenses). When this goes negative, Re's equity eats the losses first, then reUSDe, then reUSD. *** ¹ *The terms explained here are provided as a general glossary to help readers understand reinsurance and related concepts. They are simplified for clarity, are not legal or financial advice, and do not form part of any contract. Where a defined term appears in an actual agreement, treaty, or other binding document, the definition set out in that document controls and prevails over anything stated here.* *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.* # Key metrics definitions ## TVL * **Display name:** Total Value Locked * **Definition:** The aggregate of three components: Onchain Capital + Offchain Capital + Premium Receivable. As shown on the Protocol Metrics page: * **What’s Included:** 1. **Onchain Capital:** total value of assets backing reUSD and reUSDe, held in Fireblocks custody and published via Chainlink. 2. **Offchain Capital:** total fiat held in bank and trust accounts, including Reg 114 trusts that serve as collateral for reinsurance contracts; balances verified daily by The Network Firm and published to a public oracle. 3. **Premium Receivable:** premiums owed to Re under active reinsurance contracts but not yet collected. * **What’s Excluded:** Points balances. Underwriting gains, realized or unrealized, are captured in the offchain capital bucket. * **Currency / Denomination:** USD only. Onchain assets use current oracle prices. Offchain Capital is updated weekly, and Premium Receivable is updated quarterly. * **Source:** [app.re.xyz/metrics](https://app.re.xyz/metrics): Key Metrics Summary card; [app.re.xyz/capital-strategy](https://app.re.xyz/capital-strategy): Metrics section. * **Update Cadence:** Onchain Capital: real time/onchain. Offchain Capital: weekly (verified by The Network Firm). Premium Receivable: quarterly. Headline TVL figure updated at a fixed time. * **Note:** The TVL figure is materially larger than Total Deposits and Capital Allocation. This difference is intentional: TVL includes Premium Receivable which is not deposited capital. ## Deposits * **Display name:** Total Deposits * **Definition:** Combined value of all circulating reUSD and reUSDe tokens. * **Components:** reUSD Deposits: total deposits in reUSD principal protected stablecoin. reUSDe Deposits: total deposits in reUSDe insurance backed token. * **What it is not:** Deposits ≠ TVL. Deposits does not include Offchain Capital held in trust/custody accounts or Premium Receivable. It reflects only capital that users have directly deposited into reUSD or reUSDe. * **Currency / denomination:** USD only. Deposit totals reflect each token's current NAV × circulating supply. Current NAV is available on the [metrics page](https://app.re.xyz/metrics) and through the [`/apy` API endpoint](/products/api-reference#apy). * **Source / where displayed:** [app.re.xyz/metrics](https://app.re.xyz/metrics): reUSD Deposits and reUSDe Deposits cards. Protocol Metrics Charts: Total Deposits chart. * **Update cadence:** Real time / onchain. ## Premium-Backed Portfolio Size * **Display name:** Premium-Backed Portfolio Size * **Definition:** Total capital actively deployed against premium bearing reinsurance treaties. The capital strategy page shows that this figure is comprised of Onchain Capital (across reUSD and reUSDe) and Offchain USD held in trusts/custody. This is a capital (stock) figure, not premium income. * **Relationship to TVL:** Premium Backed Portfolio Size ≠ TVL. TVL adds Premium Receivable on top. Premium Backed Portfolio Size reflects only capital that is actually deployed, Onchain Capital plus Offchain USD held in trusts and custody, and excludes future receivables. * **Relationship to Deposits:** Premium Backed Portfolio Size > Total Deposits because it includes the Offchain Capital held in Reg 114 trusts and bank accounts that backs the reinsurance treaties, not just user deposit balances. * **Treaty coverage:** Active treaties span commercial, commercial auto, commercial liability, commercial property, homeowners, personal auto, and workers' compensation lines. * **Currency / denomination:** USD only. * **Source / where displayed:** [app.re.xyz/capital-strategy](https://app.re.xyz/capital-strategy): Capital Allocation breakdown. * **Update cadence:** Offchain Capital: weekly. Onchain component: real time. Headline figure therefore reflects blended cadence. * **Note:** Read the [Capital Allocation section](https://app.re.xyz/capital-strategy) for more on Premium-Backed Portfolio Size. ## Gross Protocol Revenue * **Display name:** Gross Protocol Revenue * **Definition:** Gross protocol revenue is the total insurance premium earned by Re's capital across all active reinsurance treaties, before deducting claims, expenses, or distributions. It is distinct from net yield distributed to depositors. * **What it is not:** Protocol Revenue ≠ reUSD APY or reUSDe APY; those are yields distributed to depositors, net of claims and expenses. Gross Protocol Revenue refers to the top line premium income before those distributions. * **Currency / denomination:** USD. * **Source / where displayed:** * **Update cadence:** ## TVL | Field | Value | | --------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Display name** | Total Value Locked | | **Definition** | The aggregate of three components: Onchain Capital + Offchain Capital + Premium Receivable. As shown on the Protocol Metrics page: | | **What’s Included** | (1) **Onchain Capital:** total value of assets backing reUSD and reUSDe, held in Fireblocks custody and published via Chainlink. (2) **Offchain Capital:** total fiat held in bank and trust accounts, including Reg 114 trusts that serve as collateral for reinsurance contracts; balances verified daily by The Network Firm and published to a public oracle. (3) **Premium Receivable:** premiums owed to Re under active reinsurance contracts but not yet collected. | | **What’s Excluded** | Points balances. Underwriting gains, realized or unrealized, are captured in the offchain capital bucket. | | **Currency / Denomination** | USD only. Onchain component uses \[price feed; frequency]. Offchain component updated weekly. Premium Receivable updated quarterly.Headline TVL figure updated at a fixed time. | | **Source** | [app.re.xyz/metrics](http://app.re.xyz/metrics): Key Metrics Summary card (top of page) [app.re.xyz/capital-strategy](http://app.re.xyz/capital-strategy): Metrics section. | | **Update Cadence** | Onchain Capital: real time/onchain. Offchain Capital: weekly (verified by The Network Firm). Premium Receivable: quarterly.Headline TVL figure updated at a fixed time. | | **Note** | The TVL figure is materially larger than Total Deposits and Capital Allocation. This difference is intentional: TVL includes Premium Receivable which is not deposited capital. | ## Deposits | Field | Value | | ---------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Display name** | Total Deposits | | **Definition** | Combined value of all circulating reUSD and reUSDe tokens. | | **Components** | reUSD Deposits: total deposits in reUSD principal protected stablecoin. reUSDe Deposits: total deposits in reUSDe insurance backed token. | | **What it is not** | Deposits ≠ TVL. Deposits does not include Offchain Capital held in trust/custody accounts or Premium Receivable. It reflects only capital that users have directly deposited into reUSD or reUSDe. | | **Currency / denomination** | USD only. reUSD price (daily yield accrual and principal protection). reUSDe priced at $1.3537 (insurance premium yield and capital growth). Deposit totals reflect current token price × circulating supply. | | **Source / where displayed** | [app.re.xyz/metrics](http://app.re.xyz/metrics): reUSD Deposits and reUSDe Deposits cards. Protocol Metrics Charts: Total Deposits chart. | | **Update cadence** | Real time / onchain. | ## Premium-Backed Portfolio Size | Field | Value | | ---------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Display name** | Premium-Backed Portfolio Size | | **Definition** | Total capital actively deployed against premium bearing reinsurance treaties. The capital strategy page shows that this figure is comprised of Onchain Capital (across reUSD and reUSDe) and Offchain USD held in trusts/custody. This is a capital (stock) figure, not premium income. | | **Relationship to TVL** | Premium Backed Portfolio Size ≠ TVL. TVL adds Premium Receivable on top. Premium Backed Portfolio Size reflects only capital that is actually deployed, Onchain Capital plus Offchain USD held in trusts and custody, and excludes future receivables. | | **Relationship to Deposits** | Premium Backed Portfolio Size > Total Deposits because it includes the Offchain Capital held in Reg 114 trusts and bank accounts that backs the reinsurance treaties, not just user deposit balances. | | **Treaty coverage** | Active treaties span commercial, commercial auto, commercial liability, commercial property, homeowners, personal auto, and workers' compensation lines from 2022 through 2026 | | **Currency / denomination** | USD only. | | **Source / where displayed** | [app.re.xyz/capital-strategy](http://app.re.xyz/capital-strategy): Capital Allocation breakdown. | | **Update cadence** | Offchain Capital: weekly. Onchain component: real time. Headline figure therefore reflects blended cadence. | | **Note** | Read the [Capital Allocation section](https://app.re.xyz/capital-strategy) for more on Premium-Backed Portfolio Size. | ## Gross Protocol Revenue | Field | Value | | ---------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Display name** | Gross Protocol Revenue | | **Definition (working)** | Gross protocol revenue is the total insurance premium earned by Re's capital across all active reinsurance treaties, before deducting claims, expenses, or distributions. It is distinct from net yield distributed to depositors. | | **Components to clarify** | | | **What it is not** | Protocol Revenue ≠ reUSD APY or reUSDe APY; those are yields distributed to depositors, net of claims and expenses. Gross Protocol Revenue refers to the top line premium income before those distributions. | | **Currency / denomination** | USD. | | **Source / where displayed** | | | **Update cadence** | |
*** *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.* # Legal Legal documentation. ## Legal documents * PPM: [ppm\_v2.pdf](https://storage.googleapis.com/re-files-production/docs/ppm_v2.pdf) * reUSD: [ppm\_v2.pdf](https://storage.googleapis.com/re-files-production/docs/ppm_v2.pdf) * reUSDe: [token\_agreement\_reUSDe\_v2.pdf](https://storage.googleapis.com/re-files-production/docs/token_agreement_reUSDe_v2.pdf) * Platform Agreement: [resilience\_platform\_agreement\_v2.pdf](https://storage.googleapis.com/re-files-production/docs/resilience_platform_agreement_v2.pdf)
The information provided in this document is for informational purposes only and does not constitute financial, legal, tax, or investment advice. Participation in the Re Protocol carries inherent risks, including but not limited to the loss of principal. Participants should consult with their own financial, legal, and tax advisors before making any decisions regarding the protocol. The Re Protocol is not available to persons or entities in restricted jurisdictions, including but not limited to the United States, Iran, North Korea, Syria, Sudan, Cuba, Russia, Belarus, and any other jurisdiction where participation in the protocol would be prohibited by law. Participants must complete Know Your Customer (KYC) and Anti-Money Laundering (AML) processes to ensure compliance with applicable regulations. By participating in the protocol, users acknowledge and accept the risks associated with blockchain technology, including but not limited to smart contract vulnerabilities, market volatility, regulatory uncertainty, and potential security breaches. While the Re Protocol employs rigorous security measures, no system is entirely immune to risk. The Resilience Foundation reserves the right to amend the terms and conditions governing the protocol, including these disclaimers, at its sole discretion. Participants are encouraged to review the latest version of the protocol documentation regularly to stay informed of updates and changes. # Disclosures Legal disclosures. ### Companies: The Re Protocol and website located at [re.xyz](https://re.xyz/) (the "Site") are operated by Resilience Foundation Company ("Resilience Foundation"), an Exempted Limited Guarantee Foundation Company incorporated in the Cayman Islands with Limited Liability with registered number IC-414560. The Site provides access to a decentralized technology protocol and information regarding the blockchain-based reinsurance ecosystem. Resilience (BVI) Ltd ("Resilience BVI"), a company incorporated in the British Virgin Islands, is an affiliate of the Resilience Foundation and may provide specific administrative, operational, or token-related services as described in the [Platform Agreement](https://storage.googleapis.com/re-files-production/docs/resilience_platform_agreement_v2.pdf). Resilience Inv SPC ("Resilience SPC"), is a Segregated Portfolio Company incorporated in the Cayman Islands with Limited Liability, is an affiliate of Resilience Foundation and Resilience BVI. Resilience SPC maintains segregated portfolios of digital assets on behalf of Resilience Foundation. All regulated reinsurance activities, including the underwriting of risks and the issuance of reinsurance contracts, are conducted exclusively by Cover Reinsurance SPC Ltd. ("Cover Re SPC"). Cover Re SPC is a Class B(iii) licensed exempted segregated portfolio company incorporated in the Cayman Islands. For details on Re's reinsurance business, [click here](https://www.coverre.com/). The Resilience Foundation, Resilience BVI, and Resilience SPC do not provide insurance or reinsurance services, do not act as an insurance broker or agent, and do not hold a license to conduct insurance business. ### Access to Tokens: The digital assets reUSD and reUSDe (the "Tokens") are available exclusively to non-U.S. persons (as defined in Regulation S under the Securities Act of 1933, as amended) in specific permitted jurisdictions. Use of the Resilience Foundation platform is strictly prohibited for persons or entities located in, or residents of, the United States, its territories, or any jurisdiction where such access would be contrary to local law. ### KYC/AML: Access to and participation in the re protocol and Token ecosystem is contingent upon the successful completion of mandatory Know Your Customer (KYC) and Anti-Money Laundering (AML) screening. Resilience Foundation maintains a robust compliance program in accordance with regulatory requirements and international standards. We reserve the right to block, freeze, or terminate access for any user who fails to meet these requirements or is identified as a sanctioned individual or entity. ### No Investment or Financial Advice: All content, information, and materials provided on the Site, including but not limited to articles, insights, social media content, whitepapers, newsletters, and marketing materials (collectively, "Content"), are provided for informational and educational purposes only. Nothing contained in the Content constitutes, or should be construed as, investment, financial, legal, tax, or other professional advice. No Content on this Site should be interpreted as a recommendation, endorsement, or solicitation to buy, sell, or hold any digital asset, including reUSD and reUSDe, or to engage in any specific investment strategy or transaction. ### Independent Assessment Required: Users of the Site and the re protocol must not rely on the Content as a substitute for independent financial research or professional advice. You are solely responsible for conducting your own thorough "due diligence" and evaluating the merits and risks associated with the use of the re protocol and any associated digital assets. You should consult with qualified legal, tax, and financial advisors in your jurisdiction before making any financial decisions or interacting with the protocol. ### Assumption of Risk: By accessing the Site or utilizing the re protocol, you acknowledge and agree that digital assets and decentralized finance (DeFi) involve significant inherent risks, including but not limited to market volatility, regulatory uncertainty, and technical vulnerabilities (such as smart contract exploits). You hereby assume all risks associated with your use of the Site, Content, and the protocol, including the risk of a total and permanent loss of principal. ### "As-Is" Basis & Limitation of Liability: All Content is provided on an "as-is" and "as-available" basis without warranties of any kind. Resilience Foundation, its affiliates, and their respective directors, officers, and employees disclaim all liability for any loss or damage arising directly or indirectly from your reliance on the Content or your use of the re protocol. Your interaction with the Site and protocol is strictly at your own risk. ### Risk of Loss: Purchasing, holding, or utilizing reUSD and reUSDe involves significant risk, including the potential for total loss of principal. These Tokens are not bank deposits and are not insured by any governmental agency. ### No Guarantee: Any historical performance data or "yield" figures presented are for informational purposes only; past performance is not a reliable indicator of future results. The stability and value of reUSD/reUSDe are subject to market volatility, smart contract vulnerabilities, and the underlying collateral's performance. ### Technological Risk: The re protocol is a decentralized technology suite. While we strive for high security, the protocol remains subject to technical risks, including software bugs, smart contract exploits, and attacks. Furthermore, any interaction with third-party DeFi platforms (e.g., liquidity pools or lending markets) is at the user's sole risk. Resilience Foundation does not control, and is not responsible for, the security or operation of external protocols. ### Terms Apply: Your use of this Site, the Content, and the Tokens is governed by the [Terms of Service](https://re.xyz/terms), these Legal Disclosures, the [Privacy Policy](https://re.xyz/privacy), and the [Platform Agreement](https://storage.googleapis.com/re-files-production/docs/resilience_platform_agreement_v2.pdf). These disclosures are not exhaustive and are incorporated by reference into our businesses and framework. See the [Re website](https://re.xyz/) for additional details. ### Disclaimers: The information provided in this document is for informational purposes only and does not constitute financial, legal, tax, or investment advice. Participation in the Re Protocol carries inherent risks, including but not limited to the loss of principal. Participants should consult with their own financial, legal, and tax advisors before making any decisions regarding the protocol. The Re Protocol is not available to persons or entities in restricted jurisdictions, including but not limited to the United States, Iran, North Korea, Syria, Sudan, Cuba, Russia, Belarus, and any other jurisdiction where participation in the protocol would be prohibited by law. Participants must complete Know Your Customer (KYC) and Anti-Money Laundering (AML) processes to ensure compliance with applicable regulations. By participating in the protocol, users acknowledge and accept the risks associated with blockchain technology, including but not limited to smart contract vulnerabilities, market volatility, regulatory uncertainty, and potential security breaches. While the Re Protocol employs rigorous security measures, no system is entirely immune to risk. The Resilience Foundation reserves the right to amend the terms and conditions governing the protocol, including these disclaimers, at its sole discretion. Participants are encouraged to review the latest version of the protocol documentation regularly to stay informed of updates and changes.