Re Protocol

8月はReのために大きな成長が続いた月でした。Reは総預金で2.5億ドルを超えました。預金は約36%成長し、3月以来のプロトコル史上最大の月次増加となり、記録上2番目に大きい伸びでした。さらに8月はクロスチェーン展開の拡大も継続しました。reUSDがChainlink CCIPを通じてSolanaで稼働開始し、Jupiter Lend、Kamino、Featherにまたがる新たなレンディングおよび担保の統合が追加されました。
総ロック額 $648.5M
+11.7% TVL 成長
総預金 $256.4M
+35.8% 預金成長
資本ポジション

Re has reached another milestone in a year full of them: total deposits into the protocol across reUSD (https://docs.re.xyz/insurance-capital-layers/what-is-reusd) and reUSDe (https://docs.re.xyz/insurance-capital-layers/what-is-reusde) have surpassed $300M.
Total deposits - $300M+Deposits added in 45 days - +$116MNet gain - 60%Yield accrued to holders - $10M+
The milestone was driven by unprecedented growth in deposits: in the 45-day period beginning August 9th, deposits increased by $116M. That represents a net gain of 60%.
But what exactly does that number represent? And what does a larger base of depositor capital allow Re to do?
How Deposits are Measured
reUSD and reUSDe are yield-accruing tokens. Users mint them by depositing stablecoins into the protocol; the tokens can then be held for yield or used across DeFi through secondary markets, lending platforms, liquidity pools, and other integrations.
The $300M figure represents the combined value of all reUSD and reUSDe in circulation. It's calculated as the sum of each token's supply multiplied by its NAV. NAV, in turn, is calculated via an accrual model: every day at 0:00 UTC, each token's NAV oracle updates the token's NAV based on that token's daily yield formula.
What Drove the Growth
The growth was driven by cross-chain expansion and an increasing range of lending, trading, and liquidity markets for reUSD.
On August 11th, reUSD went live on Solana [1]. This gave Re access to deep liquidity on one of DeFi's biggest and fastest-growing ecosystems. It also provided integration opportunities across Solana's lending, trading, and liquidity protocols. Markets have since gone live on Kamino [2] and Jupiter Lend [3].
Re has also continued partnering with lending, trading, and liquidity protocols to provide additional vehicles for reUSD utilization, expanding the protocol's footprint across the greater DeFi ecosystem.
Where the Capital Goes
Onchain capital is kept liquid within the protocol. reUSD is intended as a highly liquid instrument, and a large proportion of it is kept onchain as liquidity for instant redemptions.
The remainder of reUSD and nearly the entire supply of reUSDe are deployed offchain to Cover Re (https://coverre.com), Re's licensed insurance partner, in the form of the tokens' stablecoin backing. Cover Re uses that capital as collateral to back new reinsurance contracts. Underwriting revenue from those contracts flows back to token holders as a protocol-determined spread, a key component of the yield profile for both.
What it All Means
Growth in deposits means two main things for Re.
First, more deposits means more capacity: that is, the ability for Cover Re to conduct more reinsurance business; regulators and insurers alike require that Cover Re supply a certain quantity of collateral as a prelude to sealing a new contract. More available capital means the ability to deploy more business. To date, Re has written more than half a billion in bound reinsurance premium. A greater deposit base provides more capital with which to build on that number.
Second, more business means a greater ability to diversify Re's reinsurance portfolio. The more that a reinsurance portfolio is spread across different geographies and lines of business, the less a single bad year for any segment of it can impact portfolio performance as a whole. Because severe losses to Re's portfolio could impact the NAV of reUSDe and/or reUSD (highly unlikely though this may be, as Re's accumulated capital serves as a junior layer that absorbs losses first), greater diversification provides better capital protection.
A Year of Milestones
2026 has been a landmark year for Re: the launch of $RE , the protocol's governance token; cross-chain expansion; more than half a billion in bound reinsurance premium; more than $10M of yield accrued to holders; and now, major growth in deposits. And we've still got a full quarter of the year left. Stay tuned!
Explore Re: https://re.xyz
#reinsurance #RWA #TradFi
Sources
https://solana.comhttps://kamino.comhttps://jup.ag/lend
Originally published on re.xyz: re.xyz/insights/300m-in-deposits
Disclosures: For educational and informational purposes only. Nothing in this post is investment, financial, legal, or tax advice, or an offer, solicitation, or recommendation to buy, sell, or hold any digital asset, including reUSD and reUSDe (together, the "Tokens"). No advisory or fiduciary relationship is created by this post; readers should consult qualified legal, tax, and financial professionals before making any decision. Yields are variable, not guaranteed, and may change at any time. Past performance is not a reliable indicator of future results. Digital assets and blockchain-based products involve significant risk, including total loss of principal, market volatility, liquidity constraints, smart contract and protocol vulnerabilities, oracle and collateral risk, counterparty risk, and regulatory uncertainty. The Tokens are not bank deposits, are not FDIC insured, and are not insured by any government agency or protected by any deposit guarantee or policyholder protection scheme. The "re" brand, the re protocol, and re.xyz are operated by Resilience Foundation Cayman LLC ("Resilience Foundation"), an Exempted Limited Guarantee Foundation Company incorporated in the Cayman Islands with Limited Liability with registered number IC-414560, together with its affiliates Resilience (BVI) Ltd and Resilience Inv SPC. Resilience Foundation, Resilience BVI, and Resilience Inv do not provide insurance or reinsurance services, do not act as insurance broker or agent, and do not hold an insurance license. All regulated reinsurance activities are conducted exclusively by Cover Reinsurance SPC Ltd. ("Cover Re SPC"), a Class B(iii) licensed exempted segregated portfolio company in the Cayman Islands, operating under the "Cover Re" brand at coverre.com. Holding a Token does not make you an insured, policyholder, or beneficiary of any insurer or reinsurer.The Tokens are available only to eligible non-U.S. persons (as defined under Regulation S of the U.S. Securities Act of 1933) in permitted jurisdictions and are subject to KYC/AML and sanctions screening requirements. Use by U.S. persons or residents, or by persons in any prohibited jurisdiction, is strictly prohibited, and this post is not directed at, and is not an offer or solicitation to, any such person. The Tokens may be classified as securities in certain jurisdictions, and participation is subject to eligibility requirements, KYC/AML verification, and jurisdiction-specific restrictions. Third-party websites, data, and services referenced are provided for convenience only and are not endorsed, verified, or controlled by us.The binding terms of the applicable agreements, including the Terms of Service and, where applicable, the Claims Portal Terms and Conditions, govern and prevail over this summary, which amends nothing in them. See our full Disclosure and Terms of Service at re.xyz/disclosure for important additional information.$RE is the governance token of the re protocol, issued by Resilience Foundation. It is a governance instrument, not an investment, and confers no equity, debt, dividend, profit-sharing, or fee rights and no claim on any revenue, premiums, reserves, collateral, deposits, or treasury. Governance functionality is subject to change. Staking and bonding rewards are protocol-defined, subject to terms, and are not guaranteed yield, dividends, or a profit share; lockups, cooldowns, and slashing may apply. Availability is subject to jurisdiction-specific restrictions and to eligibility, KYC, and AML requirements. Verify the official contract address before transacting.

では、収益（イールド）が途切れないようにReの保険戦略はどのように構成されているのでしょうか？預金者の資本が裏付ける（支える）機会をどうやって決定するのでしょう？
Reの価値方程式はかなりシンプルです。預金者は、資本を提供して資産（reUSDまたはreUSDe）を発行するか、もしくはセカンダリーマーケットでそれらの資産を取得します。これらの資産は利回りを生みます。reUSDの場合は、SOFRと、sUSDeの利回りレートの7日間の平均（トレーリング）をブレンドした利回りに、さらにプロトコルで決定されるスプレッドが上乗せされます。reUSDeの場合は、SOFRにプロトコルで決定されるスプレッドが上乗せされます。

2026年はReにとって節目の年でした。プロトコルのガバナンストークンである$RE [1]のローンチ。預金総額2.5億。拘束プレミアム5億[2]。クロスチェーンの拡大[3]。
そして今、もう一つがやってきます。reUSDとreUSDeの保有者に対して、総利回り1,000万ドルを生み出しました。しかし、その利回りはどこから来るのでしょうか？そして、どのようにして保有者へ還流するのでしょうか？見ていきましょう。
利回りのすべて
reUSD [2] と reUSDe [3] は、Re（https://re.xyz）の利回りを生み出すトークンです。ユーザーは、ステーブルコインを預けてそれらを鋳造するか、または二次市場で購入します。各トークンにはそれぞれ利回りのプロファイルがあり、基礎レートに加えて、プロトコルによってスプレッドが上乗せされます。

保険を購入するとき、それは目に見えるものです。つまり、保険を買って、何か問題が起きたときにその保険でカバーされるなら、請求（クレーム）を出します。しかし、その保険の裏には、あなたが決して見ることのできない別のレイヤーがあります。それが再保険です。
再保険は、そうである以上に、より多くの点で「隠れたレイヤー」として機能しています。従来の再保険は、長らく比較的少数の業界大手の領域であり、いわばブラックボックスでした。市場は常にクローズドな環境で運営されてきました。価格、取引、そしてパフォーマンスデータは通常非公開で、部外者にはアクセスできません。協定（テトリー）は、保険会社と再保険会社の間でプライベートに交渉されます。条件は、関係する相手方と規制当局には開示されるものの、それ以外の多くの人が目にすることはほとんどありません。

Cover Reは、Reエコシステムにおける認可を受けた再保険会社です。Reに預託された資本の一部は、Cover Reが作成する再保険契約の担保としてオフチェーンで運用され、reUSDおよびreUSDeの預託者のための利回りの創出に役立てられます。しかし、ではCover Reと、その向こう側の保険会社とをつなぐのは誰なのでしょうか？
再保険は、数千億ドル規模のリスクが公開の取引所ではなく、民間の取引によって移転される、関係性主導の市場です。ブローカーはその中心に位置し、保険会社が共同保険契約（トリーティ）関連の案件を再保険会社へ持ち込むための主要なチャネルとして機能します。これにより、再保険会社に適切な市場を見出させ、条件を交渉し、契約締結後の取引を管理することを支援します。