Re Protocol reUSD

Behind reUSD sits an unusual engine: the global reinsurance market. Issued by Resilience, a BVI entity, it channels deposited stablecoins into fully collateralized reinsurance contracts written by licensed reinsurers, then pays holders a yield drawn from both those underwriting premiums and onchain strategies. As the senior tranche of Re Protocol's stack, reUSD is meant to be principal-protected and to earn the greater of the risk-free rate or the Ethena basis yield, each plus 250 basis points, while a junior token absorbs losses first. Any qualifying holder can mint and redeem at par with the issuer after full KYC, but the offering is restricted under Regulation S to non-US persons, with collateral held in a New York regulation trust. It spans nine chains and has grown to hundreds of millions in value locked, making it one of the more substantial attempts to put insurance yield onchain.