--- title: "Re Protocol Review 2026: What Backs reUSD and reUSDe, What the Chain Shows, and Who Controls It" url: https://altstreet.investments/platforms/reviews/re-protocol kind: platform-review updated: 2026-11-01 description: "Re protocol review 2026: reUSD and reUSDe supply reconciles on chain to $405M of deposits, but Re's $799M TVL adds a static $319M receivable, and the reinsurer is the developer's affiliate." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # Re Protocol Review 2026: What Backs reUSD and reUSDe, What the Chain Shows, and Who Controls It Re's reUSD and reUSDe tokens are offered only to non-U.S. persons after KYC, so US investors cannot buy them from Re. The tokens turn stablecoin deposits into reinsurance capital: the money buys notes of Cover Re, a Cayman reinsurer, and the tokens accrue a set spread over SOFR or the sUSDe rate. On chain, the 337.6 million reUSD and 21.0 million reUSDe outstanding match the deposits Re reports. The $799 million TVL Re headlines also counts $318.9 million of premium receivable that has not changed since June 20, 2026. And the reinsurer Re's docs call unaffiliated is owned by the company that built the protocol. AltStreet score: 40.9 (C-), scored November 1, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | Re | | What it is | Tokenized Reinsurance: Senior and Mezzanine Yield Tokens Backed by Notes of a Cayman Reinsurer (Regulation S, Non-U.S. Only) | | Asset class | Quota-share reinsurance of US insurers and MGAs, held through Principal-at-Risk Notes of Cover Reinsurance SPC Ltd | | Website | re.xyz | | Review first published | November 1, 2026 | | Last updated | November 1, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version Re sells two tokens to non-U.S. persons. reUSD is a senior tranche that accrues SOFR (or the sUSDe rate on capital held on chain) plus 250 basis points and redeems instantly within caps. reUSDe is a mezzanine tranche that accrues the risk-free rate plus 850 basis points and redeems in quarterly windows. Behind both sit Principal-at-Risk Notes of Cover Reinsurance SPC Ltd's Segregated Portfolio 1, which reinsures US insurers and MGAs on a quota-share basis. Three questions frame it. What backs the tokens: the token side reconciles. AltStreet's chain reads ($405.18 million at NAV on November 1, 2026) match the per-token values in Re's API to within $134 and Re's October 31 month-end deposits to within 0.07%; on-chain capital matched Re's September 30 report to within 0.4%. That checks token counts and on-chain balances; the reserves held with the reinsurer rest on Re's reports, one agreed-upon-procedures snapshot and the reinsurer's audit. Re's headline TVL ($799 million) adds $318.9 million of premium receivable that has not changed to the cent since June 20, 2026. What a holder can get out: reUSD paid 2,008 instant redemptions (202 million reUSD) in a year. reUSDe's July 2026 window filled 28% of requests and the October window 100%. The PPM allows the issuer to hold back up to 100% of redemptions for 18 months. Who controls it: token upgrades and roles sit behind a 48-hour timelock, but a 3-of-5 Safe can move redemption-vault reserves, mark down NAV within limits, and pause or unpause redemptions with no delay. The reinsurer is wholly owned by Cover Re Inc., the protocol's developer and licensor, though Re's docs call it 'unaffiliated'. reUSD redemptions pay out in sUSDe, so a holder who wants dollars has to convert again. - **$405.18M** reUSD (337,563,141 on 13 chains at NAV 1.110712) plus reUSDe (21,014,286 at 1.439200) on November 1, 2026, from AltStreet's chain reads; within $134 of the per-token values in Re's API and 0.07% below Re's October 31 month-end deposits ($405.46M). - **$318.9M** Premium receivable counted in Re's TVL ($799M), identical to the cent from June 20 to October 31, 2026, and 44.8% of TVL in Re's September update; The Network Firm's only public report excluded its collectability. - **28%** Fill rate of reUSDe's July 2026 redemption window (3.84M requested, $1.5M pool), read from the window contract; the October window filled 100% of 0.53M. - **3 of 5** Signers needed on the governance Safe that can withdraw redemption-vault reserves (17.5M sUSDe on Ethereum), mark NAV within limits, and pause or unpause redemptions, all with no delay. - **$11.3M** Shareholder's equity of Cover Re SP1 at December 31, 2025 (audited), plus a $15.9M note; Re's docs describe a '$77M' first-loss layer, dated June to October 2026, and no published figures bridge the two. - **sUSDe** What an instant reUSD redemption pays out: Ethena's staked USDe, not dollars or USDC, so a holder who wants another asset has to convert the payout on sUSDe's own terms. Data note: Chain figures are AltStreet's read-only RPC reads at the pinned blocks; holder labels are from Blockscout (an indexer). TVL, deposits, premium receivable, combined ratios and treaty data are Re's own figures from its API, app and updates, none audited. Cover Re SP1 figures are from its audited FY2025 statements, which cover the reinsurer's segregated portfolio, not the token issuer. A chain reconciliation checks token counts and on-chain balances, not off-chain reserves. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | $318.9M | Deposits, not TVL, measure what holders own. | Premium receivable in Re's TVL, unchanged to the cent since June 20, 2026. Token deposits were $405.2M of the $799M TVL on October 31. | | 28% | Fill rate of reUSDe's July 2026 redemption window, read on chain. | October window filled 100% of a smaller request. | | 0.4% | Largest gap between AltStreet's chain reads and Re's reported deposits and on-chain capital. | Token counts and on-chain balances only; reserves held with the reinsurer are not tested. | | sUSDe | What an instant reUSD redemption pays out. | A holder who wants USDC or dollars has to convert again. | ## Verdict Re offers non-U.S. holders a reinsurance-linked spread through two tokens whose supply and NAV reconcile on chain to the deposits it reports. The rest rests on Re and a reinsurer owned by the protocol's developer: a TVL headline that adds a receivable unchanged since June, a $77 million first-loss layer that cannot be reconciled to the published audit, and a 3-of-5 Safe that can move vault reserves and lift a pause with no delay. **Best for** - Non-U.S. holders who can verify positions on chain, accept a formula NAV and limited redemption, and follow the treaty book. **Look elsewhere if** - You are a US person. - You need audited issuer statements. - You need guaranteed redemption at NAV. **Strengths** - Token supply, NAV, redemptions and on-chain reserves can be checked, and they match Re's reported deposits. - A treaty-level table with premiums, booked loss ratios and collateral. - Audited reinsurer statements and 48-hour timelock on token upgrades. **Limitations** - TVL includes a static premium receivable; the first-loss layer is not reconciled to the audit. - reUSDe windows partly filled; reUSD caps and an 18-month holdback right. - No-delay Safe powers over vault reserves and pausing. - Reinsurer owned by the protocol's developer; issuer and note holder not audited. ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Non-U.S. stablecoin holders seeking a reinsurance-linked spread | neutral | | | US investors | poor-fit | | | Holders who need to exit at NAV on demand | poor-fit | | ## Questions **Is Re (re.xyz) legit?** Re is a real protocol whose reUSD and reUSDe supply, NAV and on-chain reserves AltStreet could check on chain, and they match the deposits Re reports; AltStreet located no enforcement action against it in the sources searched. Several points rest on Re's word: TVL includes a premium receivable that has not changed since June 2026, the $77 million first-loss layer cannot be reconciled to the reinsurer's published audit, and the reinsurer Re calls unaffiliated is owned by the protocol's developer. **Can US investors buy reUSD or reUSDe?** No. Re offers the tokens only to non-U.S. persons under Regulation S after KYC, and its terms also exclude Canadian, BVI and Swiss persons. **What backs reUSD?** Stablecoins held on chain for redemptions and Principal-at-Risk Notes of Cover Reinsurance SPC Ltd's Segregated Portfolio 1, a Cayman reinsurer that collateralizes reinsurance of US insurers. reUSD sits last in the loss order, behind premiums, a first-loss layer and reUSDe. Holders have no direct claim on the reinsurer's trust assets. **What do I receive when I redeem reUSD?** sUSDe, Ethena's staked USDe, at the day's NAV less a 0.06% fee, within daily and per-wallet caps. A holder who wants USDC or dollars has to convert the sUSDe again. **How do reUSDe redemptions work?** In quarterly windows with a fixed pool, filled pro rata. In July 2026, 3.84 million reUSDe was requested against a $1.5 million pool and 28% was filled; in October a smaller request was filled in full. The PPM also allows the issuer to hold back up to 100% of redemptions for 18 months. **Is Cover Re affiliated with Re?** Re's docs say Cover Re SPC is unaffiliated with Resilience Foundation. Cover Re SPC is wholly owned by Cover Re Inc., which Re describes as the protocol's principal initial technology developer; the PPM discloses conflicts of interest from common founders, and The Network Firm lists Cover Re among Re's affiliated operating entities. Re does not explain its use of 'unaffiliated'. ## Evidence appendix Platform website captured November 1, 2026. All docs and site pages, Re's API and treaty table; the PPM, token and platform agreements; Cover Re SP1 audited statements; The Network Firm AUP; Certora and Sherlock reports; MiCA and ESMA; one Form D; read-only chain reads across 14 EVM chains and Solana; registers and enforcement tables. **Highlights** - Docs: 'Cover Re SPC is unaffiliated with Resilience Foundation.' Audited statements: 'wholly owned by Cover Re Inc.' - AUP: 'We did not perform procedures over specific aspects of the Re Protocol, including but not limited to the reUSD and reUSDe tokens, 1:1 backing of reserves to the tokens'. - PPM: Resilience Inv SPC 'does not expect to engage an independent auditor'. - Docs: an unpause takes effect after a 48-hour delay; on chain the October 29, 2026 pause was lifted 18 hours 57 minutes later, with no delay on the role. **Primary source pages** - Private placement memorandum of Resilience (BVI) Ltd, March 16, 2026. - Cover Reinsurance SPC Ltd Segregated Portfolio 1, audited financial statements FY2025 (Grant Thornton Attest (Cayman) LLP, June 30, 2026). - The Network Firm LLP agreed-upon procedures report, as of October 31, 2025. - docs.re.xyz (40 pages, October 31, 2026) and Re monthly updates, March to September 2026. - Ethereum contracts: reUSD 0x5086bf358635B81D8C47C66d1C8b9E567Db70c72, reUSDe 0xdDC0f880ff6e4e22E4B74632fBb43Ce4DF6cCC5a, timelock, governance Safe, redemption and oracle contracts, read at block 26,316,900. ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/re-protocol - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/insurance-linked-risk-markets --- Source page: https://altstreet.investments/platforms/reviews/re-protocol Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.