The capital base nearly doubled in March.

This capital position reflects a shift in the capital base, with onchain capital nearly doubling from $123.9 million — a $77.91 million increase — the largest single-month onchain capital expansion to date. Offchain reserves held steady, growing marginally from $71.9 million. Together, the capital base now stands at $275.59 million supporting $215.14 million in premium receivable, a ratio that reinforces the protocol's collateralized posture.

The underwriting portfolio.

Throughout March 2026, capital continued to be deployed across a diversified set of low-volatility, short-duration reinsurance programs. Re's reinsurance business selects programs based on historical loss behavior, contract structure, and its ability to maintain strict collateralization and compliance standards across underwriting partners.

Risk management at scale.

Re's reinsurance business continues to actively manage portfolio exposure across lines of business, geography, duration, and counterparty concentration. The rapid scaling of the capital base in March — onchain capital up 63% and TVL approaching $500 million — makes exposure monitoring the core of protocol operations.

The modest portfolio rebalancing this month reflects the active application of risk controls. Where concentration, market conditions, or asymmetric risk warrants it, underwriting activity may be paused, constrained, or rebalanced prospectively, without affecting existing contractual obligations.

At nearly $500 million in TVL and a $348.5 million underwriting portfolio, Re's risk framework is being tested at a scale few onchain reinsurance protocols have reached. Management remains focused on ensuring that growth in capital formation continues to be matched by underwriting discipline, counterparty quality, and the structural controls that protect investor capital as the protocol matures.

reUSD and reUSDe: capital formation accelerates.

As of March 30, 2026, total capital allocation across Re's instruments stands at $277.90 million — reflecting continued growth in both onchain and offchain capital formation. Compared to the February 2026 reporting period, reUSD supply increased by $81.88 million, or approximately 77% month-over-month, while reUSDe nearly doubled over the same period.

Transparency and reporting.

Re protocol continues to invest in institutional-grade reporting infrastructure to improve visibility into capital deployment. A public dashboard shows onchain records that support ongoing monitoring and verification.

Total Value Locked grew by $79.73 million month-over-month, a 19% increase that positions Re among the largest onchain reinsurance protocols by capital base. Critically, this growth was driven by a 63% expansion in onchain capital — showing that depositors are increasingly confident in Re's onchain infrastructure as a standalone source of collateralization.

At approaching $500 million in TVL, Re's reinsurance business is reaching a scale of relevance for traditional reinsurance counterparties — a threshold that matters for treaty access, deal flow, and quality of underwriting programs the protocol can participate in.

The market environment.

Five key industry developments frame Re's positioning heading into Q2 2026.

Heading into Q2.

March 2026 represents a significant milestone in Re's growth trajectory: onchain capital expanding 63% month-over-month to $201.81 million, and TVL approaching $500 million. Heading into Q2 2026, Re's focus is on continuing to match capital growth with expanding treaty activity across core lines of the reinsurance business, and further strengthening the reporting infrastructure on the protocol that underpins the platform.

We will continue to keep you updated as material developments occur.

— Re Management Team