Verifiable Asset Backing: How Re Proves Its Reserves Are Real

Re's verifiable solvency architecture combines Fireblocks custody, Chainlink Proof of Reserve reporting, independent smart contract audits, and layered operational controls — so capital protection is a verifiable condition, not a claim.

Verifiable Asset Backing: How Re Proves Its Reserves Are Real
Protocol Infrastructure

Verifiable Asset Backing:
How Re Proves Its Reserves Are Real

Claiming backing is easy. Proving it means giving anyone the data to check. A closer look at the custody infrastructure, reserve reporting, audits, and operational controls behind Re's asset backing.

4
Verification Layers
3-of-5
MPC Configuration
48h
Contract Timelock
Daily
Independent Attestation

What Verifiable Backing Actually Entails

Re's approach is built on four layers: Fireblocks custody, independent reserve attestation published onchain, third-party audits, and operational controls. Each layer covers a different question a serious allocator should ask.

Custody answers who can move the capital. Reserve attestation answers whether the capital is actually there. Audits answer whether the code enforces what the documentation claims. Operational controls answer how the humans around all of this are constrained.

Figure 1 — The Four-Layer Verification Architecture
LAYER 1 Custody Fireblocks MPC Who can move the capital LAYER 2 Attestation The Network Firm Whether the capital is actually there LAYER 3 Audits Hacken · Certora Whether code enforces what docs claim LAYER 4 Controls Operational How humans around all this are bounded

The principle behind the stack is simple: where a claim can be enforced by code, it is enforced by code. Where it can't, it is attested by an independent third party. What remains is a disclosed process you can hold us to.

Code first, attestation second, process last: the honest architecture of trust in any system that touches both blockchains and bank accounts.

Custody: Fireblocks MPC

Capital that can be moved by one person is not protected, no matter what a dashboard says.

Re holds its onchain protocol assets in Fireblocks, the institutional custody infrastructure used by major financial institutions, regulated exchanges, and asset managers globally. The setup is built around three properties:

1
No Unilateral Movement

Custody runs on a 3-of-5 MPC configuration. Signing authority is split into distributed key shares held by separate keyholders, so no individual, including anyone at Re, holds enough shares to authorize a transfer alone. There is no single key to steal, coerce, or misuse.

2
Multi-Party Approval, Enforced at Infrastructure Level

Every material fund movement requires approval from multiple independent parties before execution. These transaction policies are not internal guidelines, they are enforced by the custody infrastructure itself. Changing them requires the same multi-party quorum that enforces them.

3
Timelocked Control of the Contracts

The smart contracts governing reUSD and reUSDe sit behind an onchain TimelockController that enforces a mandatory 48-hour delay on upgrades and admin changes, with no bypass path. Any change to the contracts that hold and move user capital is publicly visible for two full days before it can take effect, long enough to catch an irregularity before it becomes irreversible.

Independent verification. The Network Firm, an independent accounting firm, has verified that the protocol owns and controls all custodial wallets. You don't have to take Re's word for the wallet list.

Reserve Reporting: Independent Attestation, Published Onchain

The harder problem in any hybrid system is the capital that lives offchain. Onchain balances are trivially checkable. Bank accounts are not. Re's answer is independent attestation delivered onchain.

The Network Firm holds direct read access to the underlying bank accounts and §114 reinsurance trust accounts where offchain capital sits. They verify balances and publish the aggregate figures daily, and those figures are delivered onchain through Chainlink's oracle infrastructure.

The distinction from a standard dashboard matters:

  • Balances are attested by an independent accounting firm with visibility into the actual accounts, not self-reported by Re.
  • The data lands on a public chain, so anyone can read it at any time without touching anything Re controls.
  • Any gap between attested reserves and claimed reserves would be publicly visible, not concealable behind a proprietary interface.
On the trust model. For offchain capital, you are trusting an independent accounting firm with account-level access, not Re's marketing. We think that's the correct thing to be explicit about. The trust model for offchain assets is third-party attestation, and the attestation is daily, public, and onchain.

Smart Contract Audits

Re's contracts have been audited by Hacken and Certora across multiple engagements, and then formally verified by Certora. The Network Firm has separately issued an agreed-upon procedures report covering offchain operations. All reports are linked in the protocol documentation.

Audits serve two functions in this stack:

Technical Verification
Independent assurance that the code behaves as described; that role separations, timelocks,and authorization requirements are actually enforced at the contract level rather than merely claimed in documentation.
Public Record
A permanent reference any participant can access when evaluating whether the system works as stated: available at any point, not just during active due diligence.
Audits are a point-in-time check, and we'd rather say that plainly than pretend otherwise. What carries assurance forward between audits is the combination of daily independent attestation and the onchain control structure, which doesn't expire when the audit report is published.

Operational Controls

Beyond custody and reporting, the day-to-day operation of the protocol runs through controls that are themselves observable.

1
Live Metrics

The Re app publishes live figures across deposits, TVL, reUSD, and reUSDe which are accessible to all participants at all times.

2
Role-Segregated Permissions

Operational authority is split across separate MPC wallets so no single role can act alone: oracle configuration (3-of-5), redemption limits (3-of-5), custodian management (3-of-5), and the assignment of roles itself (5-of-8). Every controller address, threshold, and permission is published in our documentation and inspectable onchain. The separation isn't a policy statement, it's a property of the wallets.

3
Governed Change

Changes to reserve policy, protocol parameters, and capital deployment route through these role-segregated wallets, and anything touching the core contracts goes through the 48-hour onchain timelock. Decisions are not made informally or unilaterally, and the control surfaces that enforce that are public.

The Stack, and How to Check It

Re does not ask you to take its backing on faith, and it does not pretend to be trustless where it isn't. Onchain capital and the contracts that control it are verifiable directly: read the chain, check the wallets, watch the timelock. Offchain capital is attested daily by an independent accounting firm with access to the actual accounts, published onchain through Chainlink. The code has been audited and formally verified, and the audit trail is public.

Code where possible. Independent attestation where not. Disclosed process for everything else.

That's the stack, and every piece of it is yours to check.

Explore the Protocol.

Every reserve figure is independently attested. Verify Re's asset backing directly onchain, daily, through an independent accounting firm.
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Disclosures

This document is provided for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this document should be construed as a solicitation, offer, or recommendation to buy, sell, or hold any digital asset or to engage in any investment strategy.

Entity disclosure. The Re Protocol and re.xyz are operated by Resilience Foundation, a Cayman Islands foundation company limited by guarantee. Resilience (BVI) Ltd is an affiliate providing administrative and operational services. Resilience Inv SPC is an affiliate Segregated Portfolio Company maintaining segregated digital-asset portfolios. Cover Re Inc. is a Delaware corporation and the principal initial technology developer of the Re Protocol and service provider to Resilience Foundation; it does not conduct regulated reinsurance activities. All regulated reinsurance activities are conducted exclusively by Cover Reinsurance SPC Ltd. ("Cover Re SPC"), a Class B(iii) licensed, CIMA-regulated entity operating under the "Cover Re" brand at coverre.com. Resilience Foundation, Resilience BVI, and Resilience Inv SPC do not provide insurance or reinsurance services, do not act as broker or agent, and do not hold an insurance license.

Jurisdictional restrictions. Access to Re Protocol products, including reUSD and reUSDe, may be subject to jurisdictional restrictions. reUSD and reUSDe are available exclusively to non-U.S. persons in specific permitted jurisdictions. Use by U.S. persons or residents is strictly prohibited. It is your responsibility to ensure that your access to and use of Re Protocol products complies with applicable laws in your jurisdiction.

Risk disclosure. Digital assets involve significant risk, including total loss of principal, smart contract vulnerabilities, oracle failures, regulatory uncertainty, and liquidity limitations. reUSD is designed to maintain a value of $1.00 USD but cannot guarantee peg stability. Peg maintenance depends on collateral management and market conditions. reUSD and reUSDe are not FDIC insured, not government backed, and not bank deposits. Past performance is not a reliable indicator of future results. Nothing in this document constitutes a guarantee of performance, peg stability, reserve levels, system security, or governance outcomes.

Governance token notice. The Re Protocol governance token ($RE) is intended to provide governance functionality within the Re Protocol. It does not represent equity, debt, profit-sharing, a dividend right, or any claim on enterprise assets. Governance functionality is phased and subject to change. Any staking, bonding, or participation rewards, if made available, will be protocol-defined, subject to applicable terms, and should not be understood as guaranteed yield, dividends, or a share of business profits. Access, participation, receipt, transfer, and use may be subject to jurisdiction-specific restrictions, eligibility requirements, KYC/AML screening, and other limitations.

Regulatory environment. The regulatory environment governing digital assets, decentralized protocols, and reinsurance is dynamic and subject to change. Content in this document reflects conditions as of the date of publication and may not reflect subsequent regulatory developments.

Terms apply. All Re Protocol products and services are subject to applicable Terms of Service, risk disclosures, and disclaimers. See re.xyz/terms and re.xyz/disclaimers for full documentation.