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Resupply FinancereUSDRSUP

Resupply Finance in 2026: reUSD, RSUP and Positive-Carry Stablecoin Design

Resupply Finance is a CDP protocol on Ethereum where you deposit yield-bearing crvUSD (Curve Lend) or frxUSD (Fraxlend) positions as collateral and mint reUSD. Collateral continues earning lending interest plus Convex-boosted CRV rewards. Borrow rates are set at roughly half the collateral yield, creating positive carry. RSUP governs the protocol; the Insurance Pool backs solvency.

Resupply Finance lets Curve and Frax lenders mint reUSD against positions that keep earning yield — co-built by Convex and Yearn, with borrow rates structurally priced below collateral returns.

Sarah Chen · Blockchain EconomistJune 2026Last updated: June 2026

Resupply Finance launched on Ethereum mainnet in March 2025 as a joint project between Convex Finance and Yearn Finance — two protocols with deep, complementary expertise in Curve yield optimisation. Where MakerDAO mints DAI against idle ETH, Resupply mints reUSD against active yield positions that never stop earning.

The protocol has operated continuously since launch, generating on-chain fee revenue and building a community of RSUP stakers who govern collateral types, emission splits, and risk parameters.

Core products

  • reUSD: Overcollateralised dollar stablecoin with redemption-based peg defence
  • Yield collateral: crvUSD and frxUSD lending LP tokens from Curve Lend and Fraxlend
  • Insurance Pool: reUSD suppliers earn RSUP + fees as first-loss capital
  • Leverage looping: One-click target leverage up to ~20× on stablecoin collateral
  • RSUP: Governance token — 50% to LP incentives, 25% Insurance Pool, 25% other contributors

The half-rate borrow mechanic

Resupply sets borrowing cost at approximately half the current yield of deposited collateral. If Curve Lend pays 8% on crvUSD and Convex boost adds further CRV/CVX rewards, the reUSD borrow rate might be ~4%. The spread funds protocol operations and Insurance Pool incentives while leaving net positive carry for borrowers who manage LTV responsibly.

This design mirrors Infinite Banking — borrow against an appreciating balance — but implemented with transparent smart contracts and auditable on-chain rates.

Convex integration

When collateral enters Resupply, it is staked on Convex Finance automatically. Convex's aggregated veCRV position applies the maximum 2.5× CRV boost — the same boost individual users would need years of CRV locking to achieve. This makes Resupply collateral among the highest-yielding stablecoin positions in DeFi, before accounting for the reUSD borrow itself.

RSUP gauge bribes flow through Votium, linking Resupply liquidity growth to the same vlCVX voting economy that powers Curve emissions.

Frequently Asked Questions

  • Who built Resupply? Convex Finance and Yearn Finance co-built Resupply as a subDAO-style stablecoin protocol.
  • What can I do with reUSD? Supply to Insurance Pool, LP pools, loop into more collateral, or use in DeFi where accepted.
  • Is Resupply non-custodial? Yes — positions are smart-contract based; users connect a wallet at resupply.fi.
  • Resupply vs Aave? Aave is general-purpose lending; Resupply specialises in yield-bearing Curve/Frax collateral with half-rate reUSD borrowing.
  • What risks exist? Smart contract risk, stablecoin depeg risk on crvUSD/frxUSD/reUSD, and Insurance Pool shortfall in extreme events.

FAQ

Frequently asked questions

Who built Resupply?

Convex Finance and Yearn Finance co-built Resupply as a subDAO-style stablecoin protocol.

What can I do with reUSD?

Supply to Insurance Pool, LP pools, loop into more collateral, or use in DeFi where accepted.

Is Resupply non-custodial?

Yes — positions are smart-contract based; users connect a wallet at resupply.fi.

Resupply vs Aave?

Aave is general-purpose lending; Resupply specialises in yield-bearing Curve/Frax collateral with half-rate reUSD borrowing.

What risks exist?

Smart contract risk, stablecoin depeg risk on crvUSD/frxUSD/reUSD, and Insurance Pool shortfall in extreme events.

Resupply FinancereUSDRSUPConvex FinanceYearn FinancePositive CarryCDPStablecoin