Re Protocol Deposits Pass $405M, Yet Only $230M Of TVL Is Onchain

Re protocol deposits passed $400 million in October, only 40 days after passing $300 million. The jump from $200 million to $300 million took 186 days. Re published the numbers on November 9 in its October performance update.

In the month, deposits climbed from $319.2 million to $405.2 million. That is $86.0 million more, or 27%. Re calls it the largest monthly dollar gain since inception. October yield accrued to holders came to $2.3 million.

The headline total value locked figure is $799.09 million, up 12.1% from September 30.

The opening of Re's October 2026 performance update, with TVL, deposits and October yield. Source: Re, October 2026 performance update.

Where the Re protocol TVL of $799 million sits

Re splits that TVL into three parts. Onchain capital is $229.94 million, or 28.8%. Offchain reserves held within regulated insurance entities are $250.23 million, or 31.3%.

The largest slice is contracted premium receivable at $318.93 million, or 39.9%. Re describes it as premiums contractually owed but not yet received. Its own note says actual receipts may vary based on policy performance, cessions and other factors.

Re's breakdown of TVL into onchain capital, offchain reserves and receivable premiums. Source: Re, October 2026 performance update.

Re protocol deposits by token

Two tokens hold the deposits. reUSD rose from $298.6 million to $374.9 million. reUSDe rose from $20.6 million to $30.2 million, helped by a $9 million allocation from Nexus Mutual.

The yield comes from licensed reinsurance run through Cover Re SPC Ltd, and it accrues as daily NAV increases. Re states no APY figure. It adds that yields are variable and not guaranteed.

Five deals and a $65 million note

Re added five reinsurance deals in October. They cover NEMT auto, specialty auto with NEMT and artisans, preferred trucking, lead and buffer excess casualty, and a follow excess casualty facility. Bound premium since inception stands at $520.6 million.

On October 19 the Resilience Foundation signed a $65 million investment note with Cover Re SPC. An April note was $100 million, so the two total $165 million. Re says onchain deposits are converted to USD and used for reinsurance contracts.

Monad, Pendle and the token unlock

reUSD launched on Monad in October. Users there can buy PT-reUSD on Pendle and borrow USDC against it on Morpho, in a vault curated by Clearstar. On October 17, 7.09 million RE tokens unlocked from the ecosystem allocation. Maximum supply is fixed at 1 billion.

What the fine print adds

The tokens are not bank deposits and carry no FDIC insurance. Holding one does not make a person an insured party of any reinsurer. Re lists total loss of principal among the risks, and access is limited to eligible non-U.S. persons.

For anyone watching Re protocol deposits, the number to track is not the $799 million headline. It is the $229.94 million that sits onchain and the receivable that depends on policy performance. The reUSDe claims window closes on November 14, and Re says all claims will be paid in full. Compare this with XDC's stablecoin jump traced to one token, where the headline hid the breakdown. This article reports a project's own update and is not advice.