Re Protocol reUSD
REUSD
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
REUSD (Re Protocol reUSD) is an actively expanding, collateral-driven, yield-bearing senior tranche deposit token within Re Protocol's on-chain reinsurance stack, operating across multiple chains with ~$195.3M in total supply. Active development (7.5/10) and market utility (7.0/10) are supported by audited smart contracts (Sherlock and Hacken), integration with Chainlink CCIP, and significant monthly transfer volume. However, the token exhibits structural weaknesses in community engagement (3.0/10) and decentralized governance (4.5/10), relying on a centralized, KYC-gated Caymans foundation structure and administrative pricing controls (PRICE_SETTER_ROLE). Tokenomics (6.5/10) are backed by collateral and senior tranche protection, though secondary DEX liquidity remains thin and redemption gates apply. Security (6.8/10) reflects positive audit coverage and absence of protocol-level exploits, noting that a July 2025 depeg to $0.87 has fully recovered to around $1.09-$1.10, and a reported $10M exploit belonged to an unrelated project with an identical ticker (Resupply Protocol). No qualifying red-flag cap applies.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Re Protocol reUSD (REUSD)
REUSD (Re Protocol reUSD) is an elastic, collateral-backed deposit token that represents the senior, principal-protected tranche of Re Protocol's on-chain reinsurance capital stack. Deployed across seven blockchains and integrated with bridging infrastructure such as Chainlink CCIP, the token is minted when users deposit approved stablecoins and burned upon redemption. REUSD is structured to deliver a daily blended yield targeting either the risk-free rate or Ethena basis-trade yield plus 250 basis points, supported by an underlying junior capital layer designed to absorb initial losses.
As of August 2026, the token maintains a total supply and market capitalization of approximately $195.3 million, with a net asset value (NAV) of $1.00 and secondary market trading around $1.09 to $1.10. Governance is organized under a Cayman-based foundation structure led by founder Cliff White, utilizing a phased and KYC-gated governance framework rather than a broad-token DAO model. The smart contract infrastructure utilizes upgradeable proxies and has been reviewed in security audits by Hacken and Sherlock.
On July 16, 2025, REUSD experienced a notable depeg event, dropping approximately 13% below par to roughly $0.87 before recovering. Protocol constraints and structural risks include strict redemption gating, thin and volatile secondary decentralized exchange liquidity, dislocation between NAV and market prices, and centralized administrative controls including a PRICE_SETTER_ROLE. Additionally, the token has faced ticker confusion regarding an unrelated $10 million security exploit in June 2025 that affected Resupply Protocol's separate token sharing the same reUSD ticker.