Resupply

Resupply is a stablecoin protocol on Ethereum that issues its dollar against positions in existing lending markets and draws on their liquidity instead of holding collateral directly. At $61M TVL at the 2026-08-14 survey, it sits below our size floor. A sleeve-sized client position would be a meaningful share of the venue, which creates its own exit risk. We do not open an individual review while the protocol is below the size floor. Size alone decides the result, whatever the protocol’s quality. TVL sustained above the floor reopens the file.

Review triggers: events that reopen the verdict
• TVL sustained above the retired TVL threshold for 30 days

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

Borrowers deposit interest-bearing receipts from external lending markets into isolated pairs and mint reUSD. Each pair sets its collateral, oracle, loan-to-value ratio, liquidation terms and debt cap. Insurance-pool stakers cover system losses, so reUSD carries risk from both Resupply and the underlying market.

Control and operating evidence

Governance authorizes operators through an upgradeable Core. A 3-of-4 multisig drawn from Convex and Yearn participants controls treasury functions, and a Guardian can pause and cancel proposals. DefiLlama records a June 2025 $9.6M oracle-manipulation exploit. That is material operating evidence, and the protocol’s later continuation does not erase it.

Exit consequences

Borrowers repay reUSD to withdraw collateral and otherwise face liquidation under each pair’s terms. reUSD holders depend on market liquidity and system solvency, not a universal direct redemption into base stablecoins. A failed oracle or illiquid underlying receipt can pass bad debt to insurance stakeholders and stablecoin liquidity.

Why the class rule decides

Current tracked TVL is roughly $50.9M, below the size floor, so size decides before pair-level review begins. If scale returns, a full individual review must cover the 2025 loss, oracle design, market caps, multisig powers, insurance sufficiency and the stablecoin exit.

Research status

This is a capacity-unproven record for Resupply, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.

Sources

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

• Resupply Docs — repayment and collateral withdrawal · primary · accessed 2026-08-14
  Supports: reUSD repayment, collateral withdrawal, liquidation avoidance, loan closure
• Resupply Docs — multisig and administrator permissions · primary · accessed 2026-08-14
  Supports: 3-of-4 multisig, Guardian pause, operator authorization, upgrade control
• DefiLlama — Resupply survey and incident record · secondary · accessed 2026-08-14
  Supports: survey TVL, lending category, 2025 oracle exploit, loss amount

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.