##reusd Thông tin chuyên sâu về cộng đồng và Tâm lý thị trường

Entry into Re Protocol is simple: deposit stablecoins, mint reUSD [1] or reUSDe [2].
But what's the exact flow of your money? What does it do while it's within the protocol? How does it earn? And how does it find its way back to the depositor? Let's explore.
Where your deposit goes.
The stablecoins you deposit are used to mint the token of your choice. USDC, DAI, USDe, or sUSDe can be used as deposit tender to mint reUSD; USDe, sUSDe are the accepted tender for reUSDe.
Whether you mint reUSD or reUSDe (or both), your tokens won't necessarily exist in the same place. From the start, they'll be split across two destinations: onchain and offchain.
Onchain capital is kept in liquid form inside the protocol. reUSD is designed as a liquid instrument, and at least 50% of the high-water mark of reUSD deposits is held onchain to serve as redemption liquidity. reUSDe is intended as a much longer-term instrument; a much smaller proportion of its backing is held onchain as liquidity for future redemption windows. The remainder of both reUSD and reUSDe is deployed offchain to licensed reinsurers, to serve as collateral [3] that backs new reinsurance contracts. Collateral is an amount of money, defined by local jurisdictions and insurers, that serves as assurance that the reinsurer will pay out claims.
Understanding backing.
Before following the money offchain, it helps to understand backing.
When you hold reUSD or reUSDe, you effectively hold a claim. Backing is the real stablecoin capital that stands behind that claim, deposited at the time of minting. reUSD and reUSDe are not moved around the system; instead, what moves is the stablecoin backing behind them. Both the liquidity held onchain and the capital sent offchain are in the form of that backing.
Fully backed. Re's tokens are fully backed, meaning there are real assets behind every unit of value. That way, the tokens hold their worth and redemptions can be fully honored.
Offchain mechanics.
Offchain reUSD and reUSDe follow the same shared path. It runs as a loop.
When enough reUSD and reUSDe has been deposited, a licensed reinsurance partner requests a transfer of the offchain portion. The Resilience Foundation transfers the backing, which creates a debt: the reinsurer now owes that money back to the protocol. It's essentially money lent from protocol to reinsurer, to be repaid over time.
Once the reinsurer receives the funds, it converts the stablecoins into dollars and deposits those dollars into locked trust accounts, each sized to the collateral that a given reinsurance contract needs. Not all deployed funds are necessarily deployed at the same time; after the necessary collateral is transferred, the remainder is held in reserve, ready to deploy as new reinsurance contracts are agreed to.
Value comes back from the offchain side in two ways, on two different clocks. The debt grows each month by an agreed-to amount, known as a coupon. At the end of the year, all accrued coupon payments become due (requests for earlier payment can be made if reUSD liquidity becomes low). That return flows back to the protocol, is moved back onchain, and refreshes redemption liquidity for reUSD. Separately, as contracts mature, collateral is gradually released, pulled out of trust accounts, and used to repay debt the reinsurer owes to the protocol. This is used to fund both ongoing reUSD redemptions and quarterly redemptions for reUSDe.
How your money earns.
reUSD earns from two places at once. Its onchain portion is held in sUSDe and earns that yield (what you'd earn by staking USDe on Ethena). Its offchain portion earns a return anchored to short-term US treasuries, sourced from reinsurance activity. Both come with a set spread on top, and your reUSD return combines the two.
reUSDe earns a return anchored to short-term US treasuries alone, also sourced to reinsurance activity. In exchange for modestly higher risk and substantially lower liquidity (with quarterly rather than ongoing redemptions), it earns a significantly higher spread than reUSD. Live target yields can be found on the Re App (https://app.re.xyz).
Withdrawing your money.
Because reUSD keeps much of its backing onchain and liquid, it's generally available for instant redemption. As long as at least 1% of the initial buffer is available, redemptions are available, with two caveats: no single redemption can exceed 10% of the available buffer per day, and total redemptions are limited to 20% of the available buffer per day. Should the buffer fall below 1%, redemptions enter a quarterly queue; in practice, however, the quantity of reUSD held onchain as redemption liquidity makes this outcome highly unlikely. reUSDe, on the other hand, is chiefly converted into cash, locked into trusts, and only released as reinsurance contracts mature; its liquidity is substantially lower, and redemptions are available on only a quarterly basis. The amount of liquidity released for any given redemption window depends upon release of collateral by regulators and determination by company actuaries. If total redemption requests exceed the available liquidity, redemptions are filled pro rata.
Regardless of which token you're redeeming, you receive payment in sUSDe at the token's current NAV. The stablecoins backing your tokens remained the whole way through; redemption is where that backing returns to you as spendable value.
Originally published on re.xyz: https://re.xyz/insights/how-your-money-moves-within-re
Learn more.
Go deeper. For a full accounting of protocol metrics, visit the Re App (https://app.re.xyz). For more information about the protocol, visit the Re docs (https://docs.re.xyz).
Explore Re: https://re.xyz
About Re
Re is the onchain protocol connecting real-world reinsurance capital with decentralized finance. Its flagship product, reUSD, is a deposit token issued by Resilience Foundation Cayman LLC and made available to non-U.S. persons in specific geographies. The Re ecosystem brings together the onchain "re" protocol at re.xyz, operated by Resilience Foundation Cayman LLC, with the regulated reinsurance business under the "Cover Re" brand at coverre.com (https://coverre.com), operated by Cover Reinsurance SPC Ltd., a Cayman Islands Class B(iii) licensed exempted segregated portfolio company. Resilience Foundation, Resilience (BVI) Ltd, and Resilience Inv SPC do not provide insurance or reinsurance services and do not hold an insurance license. Learn more at re.xyz.
#reinsurance #RWA #REUSD
Sources
https://docs.re.xyz/reusdhttps://docs.re.xyz/reusdehttps://docs.re.xyz/getting-started-with-re/how-re-works
Disclosures
This blog post is for informational and educational purposes only and does not constitute investment, legal, tax, or financial advice. Nothing in this article should be construed as an offer or solicitation to buy or sell any security, token, or financial product.
Affiliate disclosure. 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 affiliate 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.
Access and eligibility. reUSDe is available exclusively to non-U.S. persons, as defined under Regulation S of the U.S. Securities Act of 1933, in specific permitted jurisdictions. Use by U.S. persons or residents is strictly prohibited. reUSDe may be classified as a security in certain jurisdictions, and participation is subject to eligibility requirements, KYC/AML verification, and jurisdiction-specific restrictions. reUSDe is not a bank deposit, is not FDIC insured, and is not government backed.
Yield. reUSDe yield is variable, is not guaranteed, and may change at any time. Any references to yield, APR, APY, returns, or performance are informational only, and past performance is not a reliable indicator of future results. The value and stability of reUSDe are subject to market volatility, smart contract vulnerabilities, regulatory uncertainty, and the performance of underlying collateral and protocol activity.
Risk disclosure. Digital assets and blockchain-based products involve significant risk, including the potential loss of principal, smart contract vulnerabilities, liquidity constraints, and regulatory uncertainty. Any references to APR, returns, or performance are not guaranteed, and past performance is not a reliable indicator of future results.
Regulatory environment. The regulatory environment for digital assets, stablecoins, tokenized real-world assets, and onchain financial products is dynamic and continues to evolve across jurisdictions. The information in this post reflects the understanding as of the date of publication and may not reflect subsequent legal or regulatory developments. Readers should consult qualified legal, tax, and financial professionals before making any decisions.
Terms apply. For full terms, disclosures, and risk disclaimers, please see the Re website (https://re.xyz), Terms of Service (https://re.xyz/terms), and Disclaimers (https://re.xyz/disclosure).