Resupply

Resupply is a decentralized stablecoin protocol built on Ethereum. Its core business allows users to deposit yield-bearing stablecoin positions, specifically crvUSD from Curve Lend and frxUSD from Fraxlend, as collateral to mint the native stablecoin reUSD. The collateral continues earning lending interest plus boosted CRV rewards via Convex while securing the loan. The borrow rate is structurally set at half the collateral yield, creating a positive carry for borrowers.

The core value proposition is turning idle stablecoin collateral into an income-generating asset, addressing the opportunity cost problem in traditional CDP systems like MakerDAO where collateral sits dormant. By stacking yield from multiple layers (lending interest, Convex boosts, leverage looping up to ~20x), it offers a capital-efficient way to borrow against stablecoins without sacrificing yield.

In the past six months (March to September 2026), Resupply has shown modest growth. On-chain data indicates reUSD market cap hovered around $30 million with roughly 400+ holder addresses, and protocol TVL was in the mid-$30 million range. Liquidity is primarily concentrated in Curve, Convex, Pendle, Fluid, and the protocol's own savings vault. However, the protocol suffered a significant exploit in June 2025 involving oracle manipulation in a newly deployed low-liquidity market, allowing the attacker to borrow approximately 10 million reUSD with near-zero collateral. The recovery plan utilized insurance pool funds, treasury support, and retained incentive programs to address the bad debt. This incident highlights the model's reliance on external stablecoins, lending markets, and oracle design, which remain key risk factors.