> For the complete documentation index, see [llms.txt](https://re0-2.gitbook.io/re-protocol/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://re0-2.gitbook.io/re-protocol/getting-started-with-re/readme.md). # FAQs ### 1. What is Re Protocol? Re Protocol is a decentralized platform that channels stablecoin capital into fully collateralized reinsurance contracts through licensed insurers. Users deposit stablecoins into Insurance Capital Layers (ICLs), which allocate capital to quota-share reinsurance agreements. In return, depositors earn yield derived from a blend of on-chain and off-chain sources, plus a token-specific spread. ### 2. What Tokens Can I Deposit? * **Ethena tokens:** USDe, sUSDe * **Traditional stablecoins:** USDC, AUSD, and others Visit the staking section of our app for the most up-to-date list of accepted assets: * * ### 3. What Are reUSD and reUSDe? | Feature | reUSD (Basis-Plus) | reUSDe (Insurance Alpha) | | ----------------------- | ------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------- | | **Capital Tranche** | Senior | Junior | | **Accepted Collateral** | USDC, USDe, sUSDe | USDe, sUSDe | | **Yield Mechanism** | Weighted avg of SOFR (off-protocol) and 7-day trailing sUSDe rate (on-chain), plus 250 bps spread | Weighted avg of SOFR (off-protocol) and 7-day trailing sUSDe rate (on-chain), plus 850 bps spread | | **Liquidity** | Instant redemptions when on-chain liquidity is available; queue mode when depleted | Quarterly redemption windows | | **Ideal For** | Stablecoin holders seeking steady, lower-volatility income | Participants willing to accept junior risk for a higher yield | Both tokens share the same underlying yield sources — the difference is the spread and the position in the capital stack. ### 4. How Does the Capital Stack Work? The Re Protocol uses a layered capital structure to protect participants: 1. **Reinsurance company equity** — the reinsurance partner puts its own capital at risk first, sitting junior to all protocol capital. 2. **reUSDe (junior tranche)** — absorbs losses after the reinsurer's equity is exhausted. In exchange, earns a higher spread (850 bps). 3. **reUSD (senior tranche)** — protected by both the reinsurer's equity and the reUSDe layer. Earns a lower spread (250 bps) with greater liquidity. ### 5. How Is Yield Calculated? Both reUSD and reUSDe earn a blended yield based on where protocol capital is deployed: * **Off-protocol capital** (deployed to the reinsurance company) earns at the **SOFR rate**. * **On-chain capital** (held within the protocol) earns at the **7-day trailing average sUSDe basis trade rate**. The final yield is the weighted average of these two rates, plus a token-specific spread: * **reUSD:** +250 bps * **reUSDe:** +850 bps Token prices update daily at UTC 00:00 via Chainlink, with guardrails on maximum single-day price changes. ### 6. How Do I Deposit? 1. Connect your wallet (e.g., MetaMask) 2. Complete KYC/AML verification 3. Select your strategy: choose reUSD or reUSDe 4. Deposit assets and receive the corresponding yield token ### 7. How Is Risk Managed? * All ICLs participate in fully collateralized quota-share reinsurance contracts backed by a licensed reinsurer. * The reinsurance company's own capital sits junior to all protocol capital, providing an additional loss buffer. * On-chain reserves are transparent by default; off-chain balances are attested daily by The Network Firm and published via Chainlink. * Critical protocol controls (oracle config, redemptions, access management, custodian management) are operated through MPC multi-signature wallets. ### 8. Who Is Eligible? * Global access, excluding participants from the U.S. and other restricted jurisdictions. * KYC/AML verification is mandatory. * Restricted countries include (but are not limited to): U.S., Iran, North Korea, Syria, Russia, Belarus, Cuba, and others as listed in our policy. ### 9. How Do Redemptions Work? * **reUSD:** Redemptions are instant (atomic) when on-chain liquidity is available. If instant capacity is exhausted, requests move to a FIFO queue until capacity is replenished. * **reUSDe:** Redemptions are processed in quarterly windows on a pro-rata basis, subject to actuarial release of surplus capital. Active redemption capacity and limits are visible in real time at . Secondary liquidity is available on Curve: * [https://curve.finance/dex/ethereum/pools/factory-twocrypto-169/swap/](https://www.curve.finance/dex/ethereum/pools/factory-twocrypto-169/swap/) * [https://curve.finance/dex/ethereum/pools/factory-stable-ng-466/swap/](https://www.curve.finance/dex/ethereum/pools/factory-stable-ng-466/swap/) ### 10. How Is Token Price Updated? At UTC 00:00 daily, the protocol recalculates the Net Asset Value (NAV) of reUSD and reUSDe: * The blended yield (weighted average of SOFR and sUSDe rates, plus spread) is converted to a daily rate and applied to the token price. * A daily oracle guardrail rejects outsized single-day price changes above the configured threshold. View daily NAV updates and yield breakdowns at [re.xyz](https://re.xyz). Direct access to current yield and price: ### 11. Why Can't I See the Tokens in My Wallet? If tokens aren't visible, you may need to add the token contract address manually. **reUSD:** | Chain | Address | | --------- | ------------------------------------------ | | Ethereum | 0x5086bf358635B81D8C47C66d1C8b9E567Db70c72 | | Avalanche | 0x180aF87b47Bf272B2df59dccf2D76a6eaFa625Bf | | Arbitrum | 0x76cE01F0Ef25AA66cC5F1E546a005e4A63B25609 | | Base | 0x7D214438D0F27AfCcC23B3d1e1a53906aCE5CFEa | | Katana | 0xe08853433fDBC504240455e295B644E0F44c3B29 | | BNB Chain | 0xbA9425EC55ee0E72216D18e0ad8BBbA2553bFb60 | | Ink | 0x5BCf6B008bf80b9296238546BaCE1797657B05d6 | **reUSDe:** | Chain | Address | | -------- | ------------------------------------------ | | Ethereum | 0xdDC0f880ff6e4e22E4B74632fBb43Ce4DF6cCC5a |