Re Protocol reUSD

reUSD is Re Protocol's senior deposit token, officially listed on Ethereum at 0x5086bf358635B81D8C47C66d1C8b9E567Db70c72. Resupply's same-ticker asset is unrelated. Re is the protocol that routes capital; Cover Re SPC Ltd. is the separately regulated reinsurer.

Minting and protocol redemption require eligible jurisdiction and KYC/AML or entity verification. The current mint guide lists USDC, USDT, USDe and sUSDe for reUSD; the live app and agreements determine availability. Funds can enter escrow before verification completes. Failed verification can require support-assisted release; revoked KYC cancels redemption requests and returns tokens. The product disclosures restrict availability to eligible non-U.S. persons in permitted jurisdictions.

At 00:00 UTC, the protocol publishes a daily mint/redeem price. Current reUSD documentation blends SOFR + 250 bps for offchain capital with the trailing seven-day average sUSDe yield + 250 bps for onchain capital according to deployment. It does not select whichever reference is higher. The seven days describe a backward-looking average, not an instrument's maturity. Normal oracle updates are limited to 50 bps per update and 200 bps over two weeks; those controls are not a guaranteed APY.

Idle deposits can move to Fireblocks custody, and deployed collateral sits in segregated U.S. Section 114 trust accounts. Current custody documentation identifies Principal-at-Risk Notes, explicitly not surplus notes, as the legal connection. Cover Reinsurance SPC Ltd.'s SP1 issued a $100M program on 2 April 2026, maturing 2 April 2031 with mutually agreed rollover of up to five years. The notes are unsecured, limited-recourse obligations of SP1, subordinate to cedent and policyholder claims; token holders have no direct legal claim on the trust assets.

The current loss waterfall starts with the reinsurer's own equity, continues to the reUSDe mezzanine tranche, and reaches senior reUSD only after those layers are exhausted. reUSDe is therefore not the first layer in the whole structure. Seniority can reduce exposure to underwriting losses but cannot remove custody, counterparty, collateral or legal-enforcement risk.

Instant redemption requires a buffer above 1% of total reUSD supply and remains subject to daily and wallet limits. The documented caps are 20% of redemption reserves per day and 10% per wallet, measured against the reserve-capacity high-water mark; each transaction is between 0.01 and 1,000,000 reUSD and carries a 0.06% fee. Reaching the daily cap postpones further instant redemptions until the next day. Below the buffer threshold, requests move to quarterly, pro-rata windows. A secondary-market trade has its own price and liquidity.

Current documentation assigns policy governance to staked RE, a separate token, with launch-phase upgrades, technical permissions, committees and reporting; it does not give RE voters control over regulated underwriting or claims. The former expert-council-to-future-DAO account is not retained as today's model. Operational wallets remain separate: oracle configuration, redemption configuration and custody management use documented 3-of-5 MPC approval, while access management uses 5-of-8. Token upgrades use a 48-hour timelock where deployed; MegaETH token roles sit with a Safe instead. These are documented controls, not a fresh code or signer audit.

The current custody page names Resilience (BVI) Ltd. as issuer of reUSD/reUSDe and Resilience Inv SPC portfolios 1 and 2 as the respective note purchasers. Resilience Foundation acts as agent for token holders. Note-level coupons use 30-day average SOFR plus 500 bps for M1 or 950 bps for M2, payable annually in arrears and subject to solvency and collateral deferral conditions. Those spreads are distinct from reUSD's token-level 250 bps spread. This review did not independently resolve every signer's identity or enforcement outcome; that is a limit of the review, not a claim that no information is disclosed.

Onchain reporting does not make offchain custody autonomous. Bank accounts, Section 114 trusts, reinsurer obligations and regulatory releases remain external facts. The Network Firm attests reserve balances, and Chainlink delivers data, but publication is not a guarantee of asset performance or legal recovery. The 2025 AUP's 31 October snapshot did not cover all reinsurance performance or every counterparty's financial health.