Re Protocol Launches reUSD on Solana, Backed by $510.5M Reinsurance Portfolio

Re Protocol's reUSD is now live on Solana. The principal-protected, yield-bearing token debuted on the network August 11, 2026, backed by a $510.5 million reinsurance underwriting portfolio spread across 49 US states and covering more than 700,000 US policyholders. Lending markets opened the same day on Kamino Finance KMNO$0.018+1.6% and on Jupiter JUP$0.175-2.7% Lend, with the token bridgeable from Ethereum mainnet through Chainlink.

reUSD brings a category not yet represented in Solana's RWA stack: exposure to regulated insurance underwriting rather than Treasuries, money market funds, or tokenized equities.

How reUSD's Capital Stack Protects the Senior Tranche

reUSD sits at the senior position in Re Protocol's three-layer capital structure. Losses absorb from the bottom: Re Protocol's own equity of approximately $77 million as of June 2026 absorbs losses first, followed by the mezzanine tranche (reUSDe), with reUSD holders last in line. Per the protocol's documentation, reUSD holders are only exposed to underwriting losses after both lower tranches are fully depleted.

The protocol published a stress scenario: at a 135% combined ratio, a severe environment where $1.35 is paid in claims for every $1 of premiums collected, the model produced a 0.03% probability of reUSD impairment. Re's reported historical combined ratio across all underwriting years is 92%.

reUSD Yield: SOFR Plus 250 Basis Points, Benchmarked Against Ethena's sUSDe Rate

reUSD's yield tracks whichever of two reference rates is higher: SOFR plus 250 basis points for capital deployed offchain as reinsurance collateral, or the seven-day trailing average of Ethena's sUSDe yield plus 250 basis points for capital held onchain, per the token documentation. The token's price compounds automatically and recalculates daily at 00:00 UTC.

The mezzanine tranche, reUSDe, carries higher yield at SOFR plus 850 basis points, reflecting its greater loss exposure. It accepts only USDe and sUSDe deposits and redeems exclusively during quarterly windows.

Redemption for reUSD operates through an onchain liquidity buffer. When the buffer exceeds 1% of total supply, holders can redeem near-immediately, subject to a 20% daily cap across all redemptions and a 10% per-wallet maximum. If the buffer falls to 1% or below, redemptions enter a quarterly queue.

Kamino Finance and Jupiter Lend Open reUSD Markets on Launch Day

reUSD lending markets on Kamino Finance and on Jupiter Lend went live alongside the Solana announcement. The Kamino Finance and Jupiter Lend integrations give Solana DeFi users access to reinsurance-backed yield without bridging back to Ethereum on every transaction.

reUSD is available to non-US investors, per the protocol's eligibility requirements. Minimum deposit is 100 USDe; the token accepts USDC, USDT, USDe, and sUSDe as base assets.

Bridging reUSD From Ethereum to Solana via Chainlink CCIP

The cross-chain transfer runs through Chainlink's cross-chain interoperability protocol. Users connect a wallet in Re's app, navigate to the reUSD bridge page, select Solana as the destination chain, and link their Solana wallet to their Ethereum address. Linking the wallets continues Re Points accrual through the transfer.

reUSD launched on Ethereum in June 2025 and had previously expanded to other EVM networks. As of August 11, 2026, its market cap stands at approximately $174.9 million with 1,747 holders, per RWA.xyz.

Re Protocol's Underwriting Portfolio and the Reinsurance Market

Re Protocol connects stablecoin deposits to regulated insurance companies, which deploy that capital as reinsurance collateral and return premiums as yield to depositors. The reinsurance sector processes roughly $1 trillion in annual premiums globally, per a Bankless analysis of the protocol, historically accessible only to institutional allocators such as pension funds and sovereign wealth funds.

Solana's broader RWA market has grown throughout 2026. The network surpassed 300,000 RWA holders in July, an all-time high that put it ahead of Ethereum and other chains at the time. reUSD adds insurance-underwriting exposure to a market previously concentrated in tokenized Treasuries and money market funds.

A separate Solana-native reinsurance protocol, OnRe, has been active in the same space since early 2025. Its ONyc yield token crossed $200 million on Kamino Finance in late July 2026. Re Protocol and OnRe are distinct companies with different capital structures, geographic focus, and backing.