Re Protocol reUSD (reUSD) is a crypto-backed US dollar stablecoin. It has about $288M in circulation, ranking #31 among the stablecoins CoinScoop tracks, and runs on 7 blockchains.
What is reUSD?
Re Protocol reUSD (reUSD) is a crypto-backed US dollar stablecoin. It has about $288M in circulation, ranking #31 among the stablecoins CoinScoop tracks, and runs on 7 blockchains.
In the issuer's words: reUSD is a principal-protected, yield-accruing token that tracks the higher of the risk-free rate or Ethena basis-trade yield, plus 250 bps. It earns on-chain, deploys off-chain via Surplus Notes, and provides transparent, oracle-verified collateral reporting.
reUSD supply history
reUSD supply grew 20.0% over the past 30 days, to $288M. It is at or near its all-time high.
Is reUSD holding its peg?
reUSD is trading more than 2% above its target. That can happen when supply is scarce or redemptions are paused, or because the token accrues value. Check the issuer's documentation.
Where reUSD lives: supply by blockchain
Supply is concentrated: Ethereum holds 99% of all reUSD. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How reUSD is backed
reUSD is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Minting and redemption: reUSD is minted by depositing approved stablecoins into Re Protocol’s Insurance Capital Layer smart contracts and is redeemed by burning reUSD to withdraw the underlying stablecoins.
Reserve reports and audits: docs.re.xyz
reUSD risks
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
reUSD vs USDT and USDC
Similar crypto-backed stablecoins
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reUSD FAQ
What is reUSD?
Re Protocol reUSD (reUSD) is a crypto-backed US dollar stablecoin. It has about $288M in circulation, ranking #31 among the stablecoins CoinScoop tracks, and runs on 7 blockchains.
Is reUSD pegged 1:1 to the US dollar?
reUSD targets 1 USD. At the last update it traded at $1.1059, a deviation of +10.59%, which we classify as "above peg".
What backs reUSD?
reUSD is a crypto-backed stablecoin. reUSD is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Which blockchains is reUSD on?
reUSD is live on 7 blockchains. The largest by supply are Ethereum ($258M), Arbitrum ($1.5M), Base ($481K).
How much reUSD is in circulation?
About $288M of reUSD was in circulation at the last update, +20.0% over 30 days. That makes it the #31 stablecoin by supply among those we track.
Is reUSD safe?
No stablecoin is risk-free. As a crypto-backed design, reUSD's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. It currently shows "above peg" on our peg monitor. This page is information, not investment advice.