Resupply USD reusd
What is Resupply USD?
Resupply USD (reUSD) is the dollar-oriented stablecoin issued by Resupply, a decentralized protocol built around interest-bearing stablecoin collateral. The protocol accepts crvUSD and frxUSD positions earning interest in Curve Lend or FraxLend and lets users borrow reUSD against those positions. Its design aims to turn stablecoin lending liquidity into additional usable borrowing capacity while keeping collateral volatility comparatively low because the collateral and debt are stablecoin-denominated.
The protocol describes reUSD as backed by stablecoins earning interest in external lending markets, with Curve Lend and FraxLend as its targeted launch platforms. Collateral is deposited into collateralized debt positions (CDPs), and each lending position has governance-configured loan-to-value and possible borrow limits. The minimum mint amount is 1,000 reUSD and the mint fee is currently zero, although governance can enable a fee later.
The reUSD contract is Ethereum mainnet address 0x57aB1E0003F623289CD798B1824Be09a793e4Bec. Resupply is associated with Convex and Yearn and publishes immutable/non-custodial contract and audit information, but users remain exposed to smart-contract, oracle, liquidity, and integrated Convex/Curve/Frax risks.
What problem does Resupply USD solve?
Stablecoin lenders ordinarily earn only the lending-market yield on crvUSD or frxUSD, while their capital remains tied up in those positions. Resupply addresses this capital-efficiency problem by allowing the interest-bearing lending position itself to serve as collateral for borrowing a second stablecoin, reUSD, so users can deploy the borrowed liquidity elsewhere without giving up the underlying lending exposure.
A second problem is maintaining a stablecoin near its target while collateral and debt markets change. Resupply combines governance-set collateral limits, dynamic borrow pricing, communal redemptions, and an insurance pool. The insurance pool can fund liquidations and absorb distressed collateral/bad debt, while redemption mechanics provide a price floor of approximately $1 less a configurable fee rather than guaranteeing a hard peg.
How does Resupply USD work?
Users deposit crvUSD or frxUSD into a Resupply CDP. crvUSD is routed into a selected Curve Lend market (with Convex-related rewards), while frxUSD is routed into a selected FraxLend market. The resulting lending position earns its underlying lending fees and additional rewards where applicable; Resupply treats frxUSD and crvUSD collateral as $1 assets for its accounting model.
Against each position, governance sets a maximum LTV and may set a per-market borrow cap. The borrower mints reUSD, subject to the 1,000 reUSD minimum. The base borrow rate is the greater of half the underlying lending rate, half the sfrxUSD risk-free rate, or 2%. A peg-sensitive priceWeight can raise the charged share from 50% toward 60% when reUSD trades below peg; the additional off-peg revenue is directed to Savings reUSD (sreUSD).
ReUSD stability uses communal redemptions: a redeemer acquires reUSD and chooses pools, and collateral is removed across borrowers in the selected pool(s). The documented example uses a 1% redemption fee, with 0.95% benefiting the borrower through extra debt reduction and 0.05% going to the protocol; the DAO can configure the fee.
The Insurance Pool is a user-depositable reUSD vault that earns a share of borrow fees and RSUP. During liquidations it buys collateral directly with deposited reUSD (which is burned), distributing the acquired crvUSD/frxUSD to pool holders. It also assumes risk for bad-debt collateral; insurance-pool unstaking has a seven-day cooldown.
Key facts
- Token symbol: reUSD; Ethereum mainnet stablecoin contract: 0x57aB1E0003F623289CD798B1824Be09a793e4Bec.
- Collateral types documented for CDPs are crvUSD and frxUSD, supplied through Curve Lend and FraxLend lending positions.
- Minimum reUSD mint per CDP is 1,000; mint fee is currently zero but governance may enable one.
- Base borrow rate is max(50% of lending rate, 50% of sfrxUSD rate, 2%); peg stress can increase the charged rate toward 60% of the relevant underlying/sfrxUSD rate.
- Redemption model targets a price floor near $1 minus a configurable fee; documented example fee is 1% (0.95% borrower benefit, 0.05% protocol).
- Savings reUSD (sreUSD) is an ERC-4626 auto-compounding vault whose yield comes from protocol revenue and whose off-peg fee stream is intended to reinforce reUSD stability.
- Insurance Pool deposits earn reUSD and RSUP, fund liquidations, and can absorb bad-debt collateral; unstaking has a seven-day cooldown.
- Resupply governance token is RSUP; staking RSUP provides voting power and platform-fee revenue in reUSD, with a 14-day RSUP withdrawal delay.
- Official docs warn that users also inherit risks from Resupply, Convex, Curve, and Frax integrations; no DeFi loss is guaranteed to be prevented.
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Frequently asked questions
What backs reUSD?
reUSD is backed by CDPs whose collateral is crvUSD or frxUSD deposited into interest-bearing Curve Lend or FraxLend positions. Governance controls LTVs and market borrow limits.
How do I borrow reUSD?
Connect to the official Resupply app, choose an eligible Curve Lend or FraxLend market, deposit the required crvUSD/frxUSD collateral position, then mint reUSD subject to the market's LTV and the 1,000 reUSD minimum.
How does Resupply keep reUSD near $1?
It uses communal redemptions to establish a price floor and dynamically adjusts borrowing fees based on the reUSD peg. Redemptions have a configurable fee; the docs give 1% as the example, not an immutable guarantee.
What happens if a CDP is liquidated?
The Insurance Pool uses deposited reUSD to buy the liquidated collateral; that reUSD is burned, and the recovered crvUSD/frxUSD is distributed to Insurance Pool holders. If losses exceed the pool, the protocol can retain the remaining collateral and the pool does not eliminate all bad-debt risk.
What is sreUSD?
sreUSD is an ERC-4626 auto-compounding savings vault for reUSD. It distributes protocol revenue directly to depositors, has no lockup/cooldown/penalty according to its documentation, and receives additional revenue from peg-stress borrowing fees.
Is reUSD risk-free?
No. Resupply documents non-zero risk of partial or total loss from smart contracts and from integrated Convex, Curve, and Frax systems. Users should review the published audits and each integrated protocol's risk disclosures.
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