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Re Protocol is a decentralized platform that facilitates the allocation of stablecoin capital into fully collateralized reinsurance contracts. The protocol employs a layered capital structure, with reUSD serving as the senior tranche and reUSDe as the junior tranche. Reinsurance company equity acts as the first-loss buffer, followed by reUSDe, which protects reUSD from losses. Yield for these tokens is derived from a blend of off-protocol capital earning the SOFR rate and on-chain capital capturing the Ethena basis trade, supplemented by a token-specific spread.
reUSD is the senior tranche of the Re Protocol, designed for lower volatility and capital preservation compared to the junior reUSDe tranche.
Yield for reUSD is calculated as the weighted average of SOFR and the 7-day trailing sUSDe basis trade rate, plus a 250 bps spread.
The protocol uses a §114 Trust structure to deploy capital into regulated, admitted assets for reinsurance programs.
Redemptions for reUSD are processed instantly when on-chain liquidity is available, or via a FIFO queue if capacity is exhausted.
Participation requires mandatory KYC/AML verification and is restricted for users in the U.S. and several other jurisdictions.
reUSD is the senior tranche with a 250 bps spread and higher liquidity, while reUSDe is the junior tranche that absorbs losses before reUSD and earns a higher 850 bps spread.
Yield is generated from a blend of off-protocol capital earning the SOFR rate and on-chain capital earning the 7-day trailing sUSDe basis trade rate, plus a 250 bps spread.
No, the protocol restricts participation from the U.S. and several other countries, including Iran, North Korea, Syria, Russia, Belarus, and Cuba.
Off-chain balances are attested daily by The Network Firm and published via Chainlink, while on-chain reserves are transparent by default.
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