reUSD

02How yield accrues

reUSD is Re Protocol's Deposit Token (ERC1967 proxy → ShareToken implementation). The protocol routes the underlying USDC/USDT deposits into a diversified portfolio of US property & casualty reinsurance positions across five lines (homeowners, commercial auto, small business, workers comp, personal auto). The yield comes from insurance premiums earned net of claims, not from on-chain trading or lending, making it a TradFi-style underwriting carry rather than DeFi-native yield. Per the Re Protocol docs the token NAV updates daily at 00:00 UTC, with the yield computed as a blend of SOFR and a 7-day trailing sUSDe rate plus a 250 bps spread. APY shown here is derived on-chain from Re Protocol's NAVConsumer contract (Chainlink Functions), reading getCurrentNAV() and getPreviousNAV() each cycle. Fluid imports the reUSD per-share rate via the CappedRateRLP_RLP handler (the protocol filename uses 'RLP' as an internal alias).