Re Reaches $300M in Deposits Re has reached another milestone in a year full of them: total deposits into the protocol across reUSD and reUSDe have surpassed $300M. Total deposits - $300M+ Deposits added in 45 days - +$116M Net gain - 60% Yield accrued to holders - $10M+ The milestone was driven by unprecedented growth in deposits: in the 45-day period beginning August 9th, deposits increased by $116M. That represents a net gain of 60%. But what exactly does that number represent? And what does a larger base of depositor capital allow Re to do? How Deposits are Measured reUSD and reUSDe are yield-accruing tokens. Users mint them by depositing stablecoins into the protocol; the tokens can then be held for yield or used across DeFi through secondary markets, lending platforms, liquidity pools, and other integrations. The $300M figure represents the combined value of all reUSD and reUSDe in circulation. It's calculated as the sum of each token's supply multiplied by its NAV. NAV, in turn, is calculated via an accrual model: every day at 0:00 UTC, each token's NAV oracle updates the token's NAV based on that token's daily yield formula. What Drove the Growth The growth was driven by cross-chain expansion and an increasing range of lending, trading, and liquidity markets for reUSD. On August 11th, reUSD went live on Solana. This gave Re access to deep liquidity on one of DeFi's biggest and fastest-growing ecosystems. It also provided integration opportunities across Solana's lending, trading, and liquidity protocols. Markets have since gone live on Kamino and Jupiter Lend. Re has also continued partnering with lending, trading, and liquidity protocols to provide additional vehicles for reUSD utilization, expanding the protocol's footprint across the greater DeFi ecosystem. Where the Capital Goes Onchain capital is kept liquid within the protocol. reUSD is intended as a highly liquid instrument, and a large proportion of it is kept onchain as liquidity for instant redemptions. The remainder of reUSD and nearly the entire supply of reUSDe are deployed offchain to Cover Re, Re's licensed insurance partner, in the form of the tokens' stablecoin backing. Cover Re uses that capital as collateral to back new reinsurance contracts. Underwriting revenue from those contracts flows back to token holders as a protocol-determined spread, a key component of the yield profile for both. What it All Means Growth in deposits means two main things for Re. First, more deposits means more capacity: that is, the ability for Cover Re to conduct more reinsurance business; regulators and insurers alike require that Cover Re supply a certain quantity of collateral as a prelude to sealing a new contract. More available capital means the ability to deploy more business. To date, Re has written more than half a billion in bound reinsurance premium. A greater deposit base provides more capital with which to build on that number. Second, more business means a greater ability to diversify Re's reinsurance portfolio. The more that a reinsurance portfolio is spread across different geographies and lines of business, the less a single bad year for any segment of it can impact portfolio performance as a whole. Because severe losses to Re's portfolio could impact the NAV of reUSDe and/or reUSD (highly unlikely though this may be, as Re's accumulated capital serves as a junior layer that absorbs losses first), greater diversification provides better capital protection. A Year of Milestones 2026 has been a landmark year for Re: the launch of $RE, the protocol's governance token; cross-chain expansion; more than half a billion in bound reinsurance premium; more than $10M of yield accrued to holders; and now, major growth in deposits. And we've still got a full quarter of the year left. Stay tuned!