reUSDe
How reUSDe Works
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Overview
Yield optimized deposit token
Optimized for premium capture, not minimal volatility
Returns flow through as daily price accretion with no rebasing
Absorbs losses after Re's own capital and before reUSD.
Redemptions can be gated or rate limited based on protocol liquidity and risk conditions
Optimized for premium capture, not minimal volatility
Absorbs losses after Re's own capital and before reUSD.
Returns flow through as daily price accretion with no rebasing
Redemptions can be gated or rate limited based on protocol liquidity and risk conditions
How yield works
Yield comes from reinsurance premiums and the risk-free rate earned on backing assets.
Capital backs regulated insurance programs and earns premiums for providing that capacity
Accrues daily at the Risk Free Rate + 850bps by formula; NAV can be marked down if losses hit reUSDe
Any capital not yet deployed is held onchain in sUSDe
Returns are driven by insurance economics, independent of typical crypto market dynamics
Capital Tranching
reUSD is designed to be risk-remote from insurance losses.
Equity and retained reserves absorb losses first acting as junior tranche capital.
Mezzanine tranche capital absorbs losses next.
Senior tranche capital is last. Only reached after the layers above are fully exhausted.
Equity and retained reserves absorb losses first acting as junior tranche capital.
Mezzanine tranche capital absorbs losses next.
Senior tranche capital is last. Only reached after the layers above are fully exhausted.
In the normal state, premiums plus buffers pay claims and expenses, so the capital stack remains untouched. For reUSDe to be impacted, losses would need to overwhelm premiums and buffers and then fully exhaust every lower layer first. That is a rare, catastrophic tail event.
reUSDe sits at the top of the stack and is designed to become more remote over time as reserves grow.
Capital Deployment
How deposits back regulated insurance programs and earn yield.
Deposit
Users deposit USDe or sUSDe and receive reUSDe tokens.
Capital allocation
Held in Fireblocks custody. Idle capital sits onchain in sUSDe.
Deployment into reinsurance
Capital is deployed into regulated reinsurance programs backing real insurance policies. Premiums generate yield.
Yield and redemption
Surplus is credited to reUSDe holders. Redemptions are processed quarterly as capital is released.
Deposit
Users deposit USDe or sUSDe and receive reUSDe tokens.
Capital allocation
Held in Fireblocks custody. Idle capital sits onchain in sUSDe.
Deployment into reinsurance
Capital is deployed into regulated reinsurance programs backing real insurance policies. Premiums generate yield.
Yield and redemption
Surplus is credited to reUSDe holders. Redemptions are processed quarterly as capital is released.
Capital moves off-chain because real insurance is regulated and claims are paid in the real world. To track how much is on-chain vs off-chain, what is deployed, and which programs are being backed, see the Capital Strategy Dashboard.
It includes current balances, deployment status, and supporting third-party verification and reporting.
Liquidity
How and when you can exit your reUSDe position.
Quarterly redemption windows
Submit requests during the window, processed pro-rata as surplus capital is released.
Secondary market liquidity
Trade reUSDe on the Curve reUSDe/sUSDe pool between redemption windows
Explore Opportunities
Earn Re points across DeFi with reUSDe strategies
All strategies earn Re points. Higher multipliers = more points per dollar deposited.