Current APY
17.55%
7D Avg
17.67%
30D Avg
18.23%
Score
61
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Re is an on-chain reinsurance protocol; reUSDe is its junior ("Insurance Alpha") tranche token, backed by real-world reinsurance premium income and targeting ~12% native yield in exchange for sitting low in the loss waterfall. See Re. On Pendle you can buy PT-reUSDe at a discount to lock a fixed return today: each PT redeems 1-for-1 into reUSDe at maturity (Dec 10, 2026). This turns reUSDe's high, variable junior yield into a fixed rate — attractive because the junior tranche's native yield is otherwise variable and its redemptions are only quarterly. reUSDe is leveraged, illiquid junior reinsurance credit risk (not a stablecoin). PT fixes the yield but not the credit: reUSDe takes mezzanine losses before reUSD, so a bad claims year could make PT-reUSDe redeem for less than par. This is a high-risk position.
PT-reUSDe locks in the junior tranche's high yield as a fixed rate and also side-steps reUSDe's quarterly redemption lock — at maturity you redeem 1:1 into reUSDe.
PT fixes yield, not credit: you still carry junior-tranche reinsurance loss risk on reUSDe until maturity, which is riskier than the reUSD (senior) PT.
Buying reUSDe on the secondary market and swapping to PT is usually cheaper than minting in the Re app — check price impact, as junior-tranche liquidity is thinner.
Go to the reUSDe Dec 2026 Pendle market, select the PT tab, set your input token to reUSDe (or any supported token for auto-routing), and confirm the swap. Your fixed APY is locked in the moment the transaction confirms; at maturity each PT redeems 1 reUSDe.
