reUSD is a yield-bearing deposit token issued by Re Protocol, a platform that tokenizes real-world reinsurance contracts on-chain. Its aim is to give crypto users access to the risks and returns of the traditional reinsurance market.
Governance and treasury functions are overseen by the Cayman-based Re Foundation. The protocol runs on several networks, including Ethereum, Avalanche, Arbitrum and Base, and expanded to Solana in 2026.
Deposited funds serve as collateral for real reinsurance contracts, and earnings from the underwriting business are distributed to token holders. reUSD targets a fixed-style yield made up of a risk-free benchmark rate plus a protocol-set spread of about 250 bps.
The capital stack is split into tranches. reUSD is the senior layer and the last to absorb losses, with Re's own capital (junior layer) and reUSDe (mezzanine layer) acting as buffers ahead of it.
Data provided by CoinGecko
Re Protocol's token suite includes reUSD, a principal-protected fixed-yield token, reUSDe, a risk-bearing variable-yield token, and RE, the governance token. reUSD and reUSDe fund reinsurance collateral, while RE lets holders take part in shaping the protocol.
reUSD is integrated with DeFi services such as Curve, Pendle and Ethena, and on Solana it is used on lending venues like Kamino and Jupiter Lend. This allows reinsurance-based yield to be combined with other DeFi strategies.
Reinsurance returns are generally considered to have low correlation with typical crypto market yields, which draws interest as a diversification source. The tiered loss-absorption design is intended to reduce the chance of losses reaching the senior reUSD layer.
However, if insurance losses from major catastrophes exceed the buffer capital, the senior tranche could still be affected. There are also risks tied to off-chain asset management, smart contracts, regulation and liquidity, so reviewing official documentation carefully is important.
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