Relend USDC
REUSDC
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
REUSDC (Relend USDC) is an abandoned and defunct ERC-4626 vault-share token for Morpho Blue vaults that suffered a terminal economic collapse following approximately $13 million in unhedged bad debt. This insolvency permanently froze redemptions and trapped user liquidity, causing the share value to collapse by over 99% to roughly $0.0175 with zero trading volume. Following the collapse, Relend Labs completely disbanded, took down official web infrastructure, and deleted social channels without providing remediation or recovery mechanisms. Data gaps were noted in Active Development and Community Support (-1.0), as both sections lacked sufficient active operations/data to measure and were excluded from the weighted average. The remaining evaluated sections (Tokenomics: 0.5, Market and Use Case: 1.0, Team and Governance: 0.5, Security and Audit History: 0.5) yield a weighted average score of 0.6 out of 10.
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 Relend USDC (REUSDC)
Relend USDC (REUSDC) is an abandoned and defunct ERC-4626 vault share token on the Ethereum blockchain that was created for curated Morpho Blue lending vaults managed by Relend Labs. Rather than functioning as a stablecoin pegged 1:1 to USDC, REUSDC was designed as a yield-bearing deposit receipt token, representing a user's proportional claim on underlying USDC deposits and accrued lending interest.
The protocol suffered a terminal economic failure after accumulating approximately $13 million in unhedged bad debt. This insolvency permanently broke the vault's redemption mechanism and froze user withdrawals, trapping depositor liquidity. Consequently, the value of the vault share collapsed by over 99% from its peak down to approximately $0.0175 per share, and trading volume fell to zero.
Following the insolvency, the Relend Labs team completely disbanded, took down the project's official web infrastructure, and deleted its social media channels without establishing a remediation framework or compensation process for depositors. The asset remains entirely illiquid, with no ongoing governance, development, or operational utility.