Re Protocol

Re Protocol issues a trio of distinct assets. reUSD and reUSDe are yield-bearing deposit tokens that fund real-world reinsurance collateral. $RE functions in a category of its own, serving as a governance instrument that allows holders to shape the rules of the protocol itself. Understanding the role each plays is key to understanding how Re works as a whole.
reUSD: The Senior Tranche.
reUSD sits at the top of Re’s capital stack. Depositors receive reUSD in exchange for stablecoins or Ethena assets (USDC, USDT, USDe, sUSDe). Part of each deposit is kept onchain for redemption liquidity; the rest is deployed offchain for use as collateral to back reinsurance contracts.
As the senior layer, reUSD is the last tranche to absorb losses. It’s shielded from loss by Re’s own capital (the junior layer, approximately $77M as of June 2026) and by reUSDe (the mezzanine layer). reUSD earns a blended yield based on how protocol capital is proportionally deployed: offchain capital earns the SOFR rate plus 250 bps (2.5%), while onchain capital earns the seven-day trailing average sUSDe basis trade rate plus 250 bps.
Redemption limits. Redemptions occur on a near-real-time basis when onchain liquidity is available, subject to two limits: no single wallet can redeem more than 10% of the available buffer per day, and total near-real-time redemptions are capped at 20% of the available redemption capacity per day. If the buffer falls to 1% of total reUSD supply, redemptions move to a quarterly queue.
reUSDe: The Mezzanine Tranche.
reUSDe occupies the capital layer below reUSD. It is intended to be deployed fully offchain as collateral to back reinsurance contracts.
Whereas reUSD is designed to be liquid and sits furthest from loss, reUSDe carries slightly elevated risk and is intended as a longer-duration instrument. It absorbs losses before reUSD, albeit after Re’s own capital. Because it is typically deployed in full and locked into trusts as collateral, reUSDe is available for redemption only during stipulated windows rather than on a continuous basis.
In exchange for its slightly elevated risk profile and lesser liquidity compared to reUSD, reUSDe benefits from a greater spread: SOFR plus 850 bps (8.5%), sourced from regulated insurance underwriting activity.
Quarterly redemption windows. reUSDe redemptions are planned to run quarterly. Before each window, Re’s independent actuary determines how much surplus capital can be released from active treaties and trust accounts. That amount is also governed by regulatory requirements, and collateral cannot be released without regulatory approval. The released surplus funds the redemption pool for that window, denominated in sUSDe.
How the Layers Relate.
Together, reUSD and reUSDe form a two-tier capital stack layered on top of Re’s own capital. Losses are absorbed in a strict, defined order: each layer shields the one above it until it is exhausted.
$RE : The Governance Layer.
The $RE token is the protocol’s community governance instrument. Staking RE allows holders to vote on proposals, serve as delegates, and sit on protocol committees covering areas of protocol mechanics such as:
Market admissionsRisk standardsTreasury decisionsTechnical governance
RE has a fixed total supply of one billion tokens. The supply is distributed across the ecosystem, investors and advisors, and core contributors, largely under multi-year vesting schedules. Staking rewards are incentives for participation only.
Not part of the capital stack. Unlike reUSD and reUSDe, RE carries no yield claim and no position in the loss waterfall. It confers no equity, debt, dividend, profit-sharing, or fee rights, and no claim on Re’s revenue, premiums, reserves, collateral, deposits, or treasury.
Side-by-Side Comparison.
Learn More.
For more information on the protocol, visit our official docs at docs.re.xyz
DISCLOSURESThis blog post is for informational and educational purposes only and does not constitute investment, legal, tax, or financial advice. Nothing in this article should be construed as an offer or solicitation to buy or sell any security, token, or financial product.Affiliate disclosure. The "re" brand, the re protocol, and re.xyz are operated by Resilience Foundation Cayman LLC ("Resilience Foundation"), an Exempted Limited Guarantee Foundation Company incorporated in the Cayman Islands with Limited Liability with registered number IC-414560, together with its affiliate Resilience (BVI) Ltd and Resilience Inv SPC. Resilience Foundation, Resilience BVI, and Resilience Inv do not provide insurance or reinsurance services, do not act as insurance broker or agent, and do not hold an insurance license. All regulated reinsurance activities are conducted exclusively by Cover Reinsurance SPC Ltd. ("Cover Re SPC"), a Class B(iii) licensed exempted segregated portfolio company in the Cayman Islands, operating under the "Cover Re" brand at coverre.com.Access and eligibility. reUSDe is available exclusively to non-U.S. persons, as defined under Regulation S of the U.S. Securities Act of 1933, in specific permitted jurisdictions. Use by U.S. persons or residents is strictly prohibited. reUSDe may be classified as a security in certain jurisdictions, and participation is subject to eligibility requirements, KYC/AML verification, and jurisdiction-specific restrictions. reUSDe is not a bank deposit, is not FDIC insured, and is not government backed.Yield. reUSDe yield is variable, is not guaranteed, and may change at any time. Any references to yield, APR, APY, returns, or performance are informational only, and past performance is not a reliable indicator of future results. The value and stability of reUSDe are subject to market volatility, smart contract vulnerabilities, regulatory uncertainty, and the performance of underlying collateral and protocol activity.Risk disclosure. Digital assets and blockchain-based products involve significant risk, including the potential loss of principal, smart contract vulnerabilities, liquidity constraints, and regulatory uncertainty. Any references to APR, returns, or performance are not guaranteed, and past performance is not a reliable indicator of future results.RE governance token. RE is the governance token of the Re Protocol, issued by the Resilience Foundation. It is a governance instrument, not an investment, and confers no equity, debt, dividend, profit-sharing, or fee rights and no claim on Re's revenue, premiums, reserves, collateral, deposits, or treasury. Governance is being introduced in phases and is subject to change. Availability of RE is subject to jurisdiction-specific restrictions.Regulatory environment. The regulatory environment for digital assets, stablecoins, tokenized real-world assets, and onchain financial products is dynamic and continues to evolve across jurisdictions. The information in this post reflects the understanding as of the date of publication and may not reflect subsequent legal or regulatory developments. Readers should consult qualified legal, tax, and financial professionals before making any decisions.Terms apply. For full terms, disclosures, and risk disclaimers, please see the Re website at https://re.xyz, Terms of Service (https://re.xyz/terms), and Disclosures (https://re.xyz/disclosure).

In the wake of Re's TGE, Re CEO and co-founder Karn Saroya [1] joined Andy and Robbie on The Rollup [2] to talk numbers, the team's decision to launch the $RE governance token, and where the protocol goes from here.
The TGE in the Rearview
Re is likely the only DeFi protocol to ever present audited financials as part of a listing process. Those financials set the tone for exchanges like Binance, OKX, Coinbase, Robinhood, and Kraken to get comfortable listing a reinsurance governance token.
But the milestones he was most focused on lie in the future.
"I'm very, very happy to be refocusing on growth. TGE can be distracting for anyone who's ever put one together." — Karn Saroya, CEO of Re
At the time of recording, Re was at $510 million in business and had added roughly $149 million in new business over the prior 45 days alone. Re's total value locked has now reached $560 million [3].
A Business Built to Compound
The north star is not a token price or a buyback program. It is compounding the underlying business.
"As an operator, I'm singularly focused on making sure the business compounds, first and foremost." — Karn Saroya
The underlying economics are straightforward. Premiums come in, capital gets invested, an insurance margin is earned on every dollar of premium, and the economics flow to each part of the capital stack. What makes Re different is the first-loss structure: Re puts its own capital at risk before any depositors.
"We stood up and said we're going to be in a market that's opaque, that people don't understand. If you're a depositor in this protocol, you are protected. If we win, you win. If we lose, you may still win." — Karn Saroya
Re remains on track to do 5x to 7x year over year [4], profitable, growing at a venture clip but not dependent upon venture capital to get there.
Why Launch a Token?
"We're building something larger than a reinsurer. The idea is a global capital ocean that can be accessed by any insurance company and reinsurer in the world, with economic alignment that is perfectly correlated with the capital provider." — Karn Saroya
A single reinsurer is a big idea. A global coordination layer for all insurance capital is a bigger one, and that requires a mechanism to govern it: a council that sets who can transact, what lines of business are acceptable, how much capital needs to be posted, and what happens to the economics of the network over time. That is what the $RE token is designed to enable.
Karn pointed to the scale of what is coming. There are $700 billion locked in security collateral among reinsurers today, a multiple of the entire stablecoin market. "Every single dollar that's in insurance will end up in digital asset form or onchain at some point," he said. "There needs to be a coordination layer for that."
The AI Underwriter Vision
"At some point, you're going to have hyper-intelligent computers that capture underwriting information, run the math, figure out the expected loss on an insurance policy, write the policy, provision the capital onchain, all in one fell swoop." — Karn Saroya
The insurance industry moves slowly, but the pieces are all there to make it faster. Agentic actuaries [5], for example, are AI underwriters that compress the entire insurance workflow from information capture to capital provisioning. "If the pieces are all there, and there are willing participants, and folks who are just going to push, we're going to get there," he affirmed.
What the Long-Term Looks Like
Re's current focus is on building a track record, scaling carefully, and making sure there are no blowups. Karn noted that large insurers and reinsurers almost inevitably end up evolving over time.
"They morph into asset managers in the limit. If you've got hundreds of billions of investable float, you're going to buy airports, sports teams, fixed income, equities. The capital finds its way to proliferate." — Karn Saroya
However, he labeled that a far-future consideration: "I'm just focused on making sure we compound the thing now." In the near term, that means more integrations, more partnerships, and continued focus on deepening relationships within the insurance industry. "It's just the beginning here at Re."
Watch the full conversation on YouTube: https://www.youtube.com/watch?v=IcB2tmbMQSk
#reinsurance #RWA #TradFi
Sources
1. https://x.com/karnsaroya
2. https://x.com/therollupco
3. https://app.re.xyz/metrics
4. https://re.xyz/insights/half-billion-milestone
5. https://www.akur8.com/blog/agentic-ai-for-actuaries-what-it-is-and-why-it-matters
Important Disclosures
About Re and Cover Re. "Re" refers to the Re Protocol, onchain infrastructure operated in connection with Resilience Foundation Cayman LLC ("Resilience Foundation"), an Exempted Limited Guarantee Foundation Company incorporated in the Cayman Islands with Limited Liability with registered number IC-414560, and its affiliates (including Resilience BVI and Resilience Inv). "Cover Re" refers to Cover Re SPC, a separately regulated reinsurance entity. Re and Cover Re are distinct brands operated by separate legal entities with separate functions, terms, and regulatory regimes. References to reinsurance treaties, insurance partners, policyholders reinsured, business written, or book size refer to activities of Cover Re SPC, not the Re Protocol. References to onchain capital, the protocol, and token-related activity refer to the Re Protocol.
No offer; eligibility restrictions. This article is for informational purposes only. It does not constitute an offer to sell, or a solicitation of an offer to buy, any security, token, insurance product, or reinsurance capacity, and is not investment, legal, tax, accounting, or financial advice. reUSD and reUSDe are available only to non-U.S. persons in specific geographies through Resilience Foundation and are subject to eligibility screening, including KYC/AML procedures. Nothing in this article should be read as making any product or token available to any person in a jurisdiction where such offering would be unlawful.
Risk. Participation in the Re Protocol and holding of digital assets, including reUSD and reUSDe, involve significant risk, including risk of total loss of principal, smart contract vulnerabilities, regulatory risk, liquidity risk, counterparty risk, and reinsurance underwriting risk. APR, yields, and returns are not guaranteed. Past performance is not a reliable indicator of future results. Any historical figures referenced reflect data over the period stated and are not projections.
Forward-looking statements. Statements regarding the partnership, planned functionality, future governance phases, or other future events are forward-looking and based on current expectations. Actual results may differ materially. Re, Cover Re, and their affiliates undertake no obligation to update any forward-looking statements.
Regulatory environment. The legal and regulatory treatment of digital assets, governance tokens, stablecoins, and onchain reinsurance is evolving. This article reflects our understanding as of the date of publication and may not reflect subsequent legal or regulatory developments, including any further guidance under the joint SEC/CFTC Interpretive Release (Release No. 33-11412; 34-105020; File No. S7-2026-09). Readers should consult qualified legal, tax, and financial professionals before making any decisions.
Additional information. For full Terms of Service, Privacy Policy, eligibility criteria, KYC/AML information, and detailed risk disclosures, see our Terms of Service (https://re.xyz/terms), Privacy Policy (https://re.xyz/privacy), and Risk Disclosures (https://re.xyz/disclosure).

Reinsurance is insurance for primary insurers: the companies that bring you auto, property, and business coverage. Protection from financial crisis is only part of the story; reinsurance is structural to the entire insurance industry.
You buy insurance to protect yourself financially from extreme events. Insurers need similar protection for their own financial well-being. So what is the full set of benefits that make reinsurance such an essential asset to insurers, and such a strong financial market in its own right?
Protection From Extreme Scenarios: A backstop when even well-supported projections turn out wrong.Earnings Stability: Smoother, more predictable year-to-year results.Access to Reinsurer Resources: Perspective, experience, and an established network insurers can't always build alone.Maximizing Capital Efficiency: Freeing up capital that would otherwise sit idle against regulatory requirements.
Protection From Extreme Scenarios
Insurance is an inherently volatile business. Though insurers base operational decisions on decades of historical data and a great deal of math, even the most well-supported projection on the outcome of any given policy is still just that: a projection. This is especially true for more volatile categories such as catastrophe insurance.
Take hurricane insurance as an example. An insurer may rightly project an unprecedentedly heavy hurricane season to be highly unlikely, and issue policies accordingly. But even deeply unlikely scenarios can ultimately manifest, with the potential for severe financial consequences.
2004 saw four hurricanes make landfall in Florida in a mere six weeks, inflicting $20 billion in insured losses ($35 billion in 2026 dollars) across approximately 1.5 million claims [1]. Hurricane Katrina alone caused around $65 billion in insured losses in 2005, more than $100 billion in today's dollars [2]. California's 2017 and 2018 wildfire seasons inflicted losses roughly double the underwriting profits that California insurers had accumulated over the previous two decades [3].
If insurers didn't pass on risk to reinsurers, events of this sort could inflict dire financial consequences upon the insurers involved. Losses on that scale can deplete an insurer's capital or, in extreme cases, threaten its solvency altogether. And should the insurer fail, the policyholders hit by those same events may be left with claims the insurer can no longer pay. Reinsurance is structural to protection from such scenarios.
Earnings Stability
Reinsurance doesn't merely provide protection from the most extreme outcomes. Even absent unusually severe scenarios, insurance earnings are inherently volatile; though premiums are known, claims can never be predicted with a sure degree of accuracy. Even across large, diversified portfolios, actual claims can deviate substantially from projections.
Volatile annual earnings make for a lack of predictability, and financial predictability is a valuable asset for any business. By limiting the extremity of potential outcomes, reinsurance helps to smooth out an insurer's earnings, producing steadier year-to-year results.
Access to Reinsurer Resources
Beyond protection and stability, reinsurers bring assets an insurer can't always easily build alone: perspective, experience, and an established network. Reinsurers work across hundreds of programs and lines of business simultaneously, and that breadth of experience gives them a depth of knowledge that most primary insurers can't match internally. Smaller or newer insurers in particular benefit from working with reinsurers who understand how to price and manage risks they're encountering for the first time.
When an insurer wants to enter a new line of business or a new geography, reinsurance makes that significantly less risky. By partnering with a reinsurer that's already established in that market, the insurer can write new business with a safety net in place while it builds its own experience base.
Maximizing Capital Efficiency
Optimizing economics is perhaps the least-known benefit of reinsurance to the non-industry native. But it's arguably the most desirable benefit for insurers.
Like any for-profit business, the primary goal of most insurers is to maximize growth and profits in order to maximize shareholder value. In insurance, growth is substantially tied to capital requirements. If an insurer wants to grow, it has to raise more capital. Enterprises typically raise capital either by issuing equity or taking on debt. Both come with a cost: lessening the value of the shares owned by existing shareholders and incurring interest expenses through taking on debt, respectively. Insurers are required by law to hold a cushion of capital proportional to the risk they take on, so that they can pay claims even in extreme scenarios. This means tying up a great deal of capital that could otherwise be used for growth. By buying reinsurance and transferring risk to reinsurers, insurers lessen the capital requirements imposed upon them by regulators.
This frees up capital to:
Grow more and write more business without raising as much capitalGenerate higher returns for shareholdersCreate flexibility during difficult market conditions, especially when other insurers may have less capital
Say an insurer writes $100 million in policies and regulators require it to hold $25 million in capital against that book. If the insurer transfers half of that risk to a reinsurer, much of the associated capital requirement moves with it, freeing up capital the insurer can now put toward writing new business. In effect, the insurer frees up capital it would otherwise have had to raise, and the premium it pays for that relief is often less than what raising the equivalent capital in equity or debt would have cost.
In short, reinsurance is a distinctive tool for optimizing business economics for which few other industries have an equivalent. The best insurers aren't just masters of their industry; they're also those who are most strategic with leveraging reinsurance to maximize growth and profit.
The Market It All Creates
Every insurer faces the same pressures, making the market for reinsurance both strong and steady. A combination of persistent demand with limited supply is what makes reinsurance such a significant financial market. Reinsurance has quietly grown into one of finance's largest markets for decades: global reinsurance capital reached a record $648 billion at the end of 2025 [4].
Its returns come from real premiums paid to take on risk, priced on decades of loss data rather than speculation, and the industry has been profitable in most years. Because reinsurance returns are driven by real-world events rather than market swings, they are largely uncorrelated with the performance of other markets such as stocks, bonds, and crypto.
Historically, access to that market has been the preserve of a handful of large reinsurers and specialist funds. Re is built to change that by connecting onchain capital to reinsurance risk that was once reachable only by a narrow set of institutions.
Learn More
For more information on the protocol, visit our official docs: docs.re.xyz
Sources
[1] GAO-05-199 Catastrophe Risk: U.S. and European Approaches to Insure Natural Catastrophe and Terrorism Risks: https://www.gao.gov/assets/gao-05-199.pdf
[2] Hurricane Katrina: a watershed event for insurance | Swiss Re: https://www.swissre.com/institute/research/topics-and-risk-dialogues/climate-and-natural-catastrophe-risk/hurricane-katrina-watershed-event-for-insurance.html
[3] Homeowners Insurance and California Wildfires | Congress.gov | Library of Congress: https://www.congress.gov/crs-product/IN12491
[4] Reinsurance Market Report: Results for Full-Year 2025 | Gallagher Re: https://www.ajg.com/gallagherre/news-and-insights/reinsurance-market-report-results-for-full-year-2025/
#reinsurance #RWA #TradFi #insurance
Disclosures
This post is for informational and educational purposes only and does not constitute investment, legal, tax, or financial advice. Nothing in this article should be construed as an offer or solicitation to buy or sell any security, token, or financial product.
Affiliate disclosure. The "re" brand, the re protocol, and re.xyz are operated by Resilience Foundation Cayman LLC ("Resilience Foundation"), an Exempted Limited Guarantee Foundation Company incorporated in the Cayman Islands with Limited Liability with registered number IC-414560, together with its affiliate Resilience (BVI) Ltd and Resilience Inv SPC. Resilience Foundation, Resilience BVI, and Resilience Inv do not provide insurance or reinsurance services, do not act as insurance broker or agent, and do not hold an insurance license. All regulated reinsurance activities are conducted exclusively by Cover Reinsurance SPC Ltd. ("Cover Re SPC"), a Class B(iii) licensed exempted segregated portfolio company in the Cayman Islands, operating under the "Cover Re" brand at coverre.com.
Risk disclosure. Digital assets and blockchain-based products involve significant risk, including the potential loss of principal, smart contract vulnerabilities, liquidity constraints, and regulatory uncertainty. Any references to APR, returns, or performance are not guaranteed, and past performance is not a reliable indicator of future results.
Risk note. Uncorrelated does not mean risk-free. As the extreme-scenario losses described in this post illustrate, reinsurance underwriting results can and do turn negative in severe years. Returns are not guaranteed, capital can be lost, and past performance, including the historical profitability described in this post, is not a reliable indicator of future results.
Regulatory environment. The regulatory environment for digital assets, stablecoins, tokenized real-world assets, and onchain financial products is dynamic and continues to evolve across jurisdictions. The information in this post reflects the understanding as of the date of publication and may not reflect subsequent legal or regulatory developments. Readers should consult qualified legal, tax, and financial professionals before making any decisions.
Terms apply. For full terms, disclosures, and risk disclaimers, please see the Re website (re.xyz), Terms of Service (https://re.xyz/terms), and Disclaimers (https://re.xyz/disclosure).

As part of the $RE listing process, Re became one of the first Web3 protocols to submit independently audited financial statements to exchanges. Here’s why that matters.
Re by the numbers.¹
Why audited financials.
The requirements for Web3 exchange applications are rote: whitepaper and tokenomics; a technical audit; compliance documentation; and information on team and business. Those requirements are standard. They’ve been standard for years.
They’re also fundamentally incomplete. They say nothing about where the applicant’s business actually stands. Is it solvent? Is it generating revenue? Is this an operating business, or just a plan for one? Can it meet obligations when those come due? A financial statement audit answers those questions by comprehensively examining the business itself. An independent accounting firm evaluates the books, tests internal controls, confirms balances with counterparties, and issues a formal opinion on whether the statements fairly present the business.
This is not unusual in the wider business world. It’s the standard public companies must meet every year, and part of the essential minimum institutional allocators expect before committing capital. But to date, it’s been a standard unapplied to Web3 entities at token launch, leaving an enduring, major information gap between how a token is marketed and what’s actually known about the business behind it. Market participants have needed to rely upon narrative rather than numbers.
About the launch.
At the most basic level, financial statements are a record of whether a business is solvent and actually generating revenue. The reason why the average Web3 project can’t provide them at token launch is simple: they don’t yet have a functioning business.
Re is in a different position: operating a fully solvent, income-positive, rapidly expanding business. At the time of token launch, capital deployed through the Re Protocol was backing reinsurance treaties with more than 40 insurance partners through Cover Re SPC.
Re at TGE.
40+ Insurance PartnersCapital deployed through the protocol backed reinsurance treaties with more than 40 insurance partners through Cover Re SPC.~$500M in Premiums WrittenCover Re SPC had written approximately $500 million in premiums, including more than $300 million in 2026 alone.700K+ U.S. PolicyholdersReinsurance was provided to over 700,000 U.S. policyholders since inception.Approaching $0.5B in TVLThe protocol itself was approaching nearly half a billion in TVL at the time of token launch.
Re’s audited statements proved to exchanges that the business was real: not sentiment, plans, or tokenomics, but fully operative and running on established infrastructure. That helped Re secure listings on leading crypto exchanges, and in doing so contributed to $RE ’s successful launch in a challenging market.
The importance of transparency.
But this wasn’t only about satisfying exchanges.
Solvency and regulation are existential to the reinsurance industry, and audited accounting is a standard the protocol meets as a matter of course. Re’s reinsurance business supports real policyholders in 49 states who depend on its solvency, and an honest accounting of that solvency is a continuous obligation, not a one-time proof.
Transparency is structural to how Re operates. That continuous obligation isn’t abstract. Re’s reinsurance reserves sit in institutional custody and are verified daily, published to a public oracle that anyone can check from a browser. Audited reporting is essential, but it captures only a snapshot at a point in time. Daily verification is what completes it.
“This says a lot about where this market is headed. Audited financials were never demanded of us as part of a listing. We’ve been doing this for years, long before a token was part of the conversation. Applying that same discipline ahead of the RE launch is the standard every serious protocol should be judged against.”Karn Saroya, Re Co-founder and CEO
$RE tokenholders inherit that same standard. Transparency and audited reporting allow them to know with confidence, both now and into the future, that they aren’t funding a roadmap. They can verify, on an ongoing basis, that the underlying business is solvent, generates revenue, pays claims, and meets its regulatory obligations.
Setting a new standard.
For DeFi to thrive into the future, it needs a new standard. Re was one of the first, but it won’t be the last. The real-world asset sector has spent the past two years proving that tokenized exposure to real cash flows works. The next phase is proving that those cash flows can meet the disclosure standards they deserve.
That matters because institutional capital doesn’t move on narrative alone; it moves on real, confirmable numbers and hard data. A disclosure standard that meets those requirements doesn’t just serve people already in the space; it also makes the asset class more legible to capital that has heretofore stayed on the sidelines.
DeFi has to make this shift to grow past its current ceiling and advance past its current struggles. A market that only speaks to people already comfortable with crypto-native risk is highly likely to attract only crypto-native capital. Meeting the same disclosure standards traditional finance already requires will allow DeFi to compete for the capital that’s been waiting outside it.
RE's launch is early evidence of what that shift makes possible. A protocol with audited financials, real revenue, and regulatory relationships accomplished a successful token launch during a difficult market. It is evidence that the standard, not the hype cycle, is what DeFi must build on next.
About Re audits.
Independent auditors examine the protocol and the reinsurance business from separate angles, each with access to the underlying records needed to verify the numbers.
Grant Thornton. Independent auditors from Grant Thornton are given access to reinsurance transactions, written premiums, and reserves, with the exact audited values for the periods covered. The Audit Report issued by Grant Thornton has been prepared for the Directors to meet their regulatory obligations in the Cayman Islands in accordance with their engagement letter to the Board of Directors, and they do not accept nor assume any other responsibility nor liability to any other party nor for any other purpose. A copy of the report itself can be found here → (https://storage.googleapis.com/re-files-production/docs/Cover%20Re%20SP1%20FS%202025_ISSUED.pdf)The Network Firm. The Network Firm has access to daily balances for all offchain accounts owned by the reinsurance company. They also run a regular audit of how premiums receivable are calculated, as well as the ownership and balance of all onchain accounts held by the Re protocol.
Learn more.
For a full accounting of protocol metrics, visit the Re App (https://app.re.xyz/metrics). For more information about the protocol, visit the Re docs (https://docs.re.xyz).
Re is a decentralized capital protocol that connects institutional and DeFi capital to collateralized insurance risk through a regulated onchain structure. Regulated reinsurance activity supported by the protocol is conducted by Cover Reinsurance SPC Ltd. (“Cover Re SPC”), a Class B(iii) licensed exempted segregated portfolio company in the Cayman Islands. Re is building a modern, global marketplace for onchain risk transfer.
View Protocol Metrics → https://app.re.xyz/metrics
DISCLOSURES¹ As of 6 July 2026.This blog post is for informational and educational purposes only and does not constitute investment, legal, tax, or financial advice. Nothing in this article should be construed as an offer or solicitation to buy or sell any security, token, or financial product.Affiliate disclosure. The "re" brand, the re protocol, and re.xyz are operated by Resilience Foundation Cayman LLC ("Resilience Foundation"), an Exempted Limited Guarantee Foundation Company incorporated in the Cayman Islands with Limited Liability with registered number IC-414560, together with its affiliate Resilience (BVI) Ltd and Resilience Inv SPC. Resilience Foundation, Resilience BVI, and Resilience Inv do not provide insurance or reinsurance services, do not act as insurance broker or agent, and do not hold an insurance license. All regulated reinsurance activities are conducted exclusively by Cover Reinsurance SPC Ltd. ("Cover Re SPC"), a Class B(iii) licensed exempted segregated portfolio company in the Cayman Islands, operating under the "Cover Re" brand at coverre.com.Risk disclosure. Digital assets and blockchain-based products involve significant risk, including the potential loss of principal, smart contract vulnerabilities, liquidity constraints, and regulatory uncertainty. Any references to APR, returns, or performance are not guaranteed, and past performance is not a reliable indicator of future results.RE governance token. RE is the governance token of the Re Protocol, issued by the Resilience Foundation. It is a governance instrument, not an investment, and confers no equity, debt, dividend, profit-sharing, or fee rights and no claim on Re's revenue, premiums, reserves, collateral, deposits, or treasury. Governance is being introduced in phases and is subject to change. Availability of RE is subject to jurisdiction-specific restrictions.Regulatory environment. The regulatory environment for digital assets, stablecoins, tokenized real-world assets, and onchain financial products is dynamic and continues to evolve across jurisdictions. The information in this post reflects the understanding as of the date of publication and may not reflect subsequent legal or regulatory developments. Readers should consult qualified legal, tax, and financial professionals before making any decisions.Terms apply. For full terms, disclosures, and risk disclaimers, please see the Re website at https://re.xyz, Terms of Service (https://re.xyz/terms), and Disclaimers (https://re.xyz/disclosure).