Re

Re converts stablecoin deposits into legally binding surplus-note financing for regulated reinsurers. reUSD and reUSDe occupy different positions and redemption schedules, but both ultimately depend on custodians, Section 114 trusts, actuaries and insurance-company performance outside Ethereum. This class application is not an allegation of impairment.

Review triggers: events that reopen the verdict
• Publishes borrower-level disclosure and third-party verification sufficient to underwrite the credit on-chain

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.

The research file

Mechanism

Re says capital is advanced through surplus notes junior to policyholders. reUSD targets the higher of a short risk-free benchmark plus a spread or a basis-yield formula, while reUSDe accepts greater underwriting exposure. Assets and insurance obligations sit in regulated off-chain structures; hashes and third-party reports attest rather than settle them.

Control and evidence

A Section 114 trust, custodians, regulated reinsurers and an actuary constrain deployment and capital release. Daily reporting and legal ring-fencing are meaningful controls, but tokenholders cannot independently value reserves, adjudicate claims or enforce surplus notes from Ethereum. No adverse-loss finding is made here.

Exit consequences

Re documents an actuarially sized instant-liquidity buffer for reUSD, followed by a monthly queue; redemption remains subordinate to regulatory minimum capital. reUSDe uses quarterly, potentially pro-rata windows or secondary-market sale. The dollar label therefore does not create demand liquidity.

Why the class rule decides

The yield and recovery depend materially on off-chain insurance contracts, legal priority and capital release. That is the off-chain-credit class even where principal-protection features improve seniority. Review reopens with granular portfolio and reserve data, independent actuarial validation, realized loss development and stressed queue performance.

Class rule

The off chain credit class is outside the approved structures, so every protocol in it is not approved until the rule changes. The rule is about the structure, not an adverse finding about this protocol, and it is not a client instruction. The events that would reopen it are listed with the memo.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Re Docs — how Re deploys insurance capital · primary · accessed 2026-08-14
  Supports: stablecoin deposits fund regulated reinsurance capital, off-chain insurance obligations and counterparties remain part of the token claim
• Re Docs — reUSD product and capital structure · primary · accessed 2026-08-14
  Supports: reUSD is the lower-risk yield-bearing product, reUSD depends on regulated collateral and insurance-capital deployment
• Re Docs — redemption mechanics and liquidity limits · primary · accessed 2026-08-14
  Supports: instant redemption depends on available liquidity, queued redemption depends on capital release and protocol terms
• Re Docs — protocol introduction · primary · accessed 2026-08-14
  Supports: protocol introduction

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.