Re Protocol Buys Back and Burns 677,906 reUSDe at 4% Discount to NAV

Re, a decentralized reinsurance protocol, said it bought back and burned about 677,906 reUSDe over the past few weeks at an approximately 4% discount to net asset value (NAV). According to Foresight News, the buyback volume represented about 4.7% of reUSDe’s total supply. Re said the roughly $44,900 in value captured through the discounted repurchases would be reflected as a token price increase for remaining holders, which it estimated could result in an approximately 0.24% one-time price uplift. The protocol also said that the dashboard’s seven-day trailing yield data may appear temporarily elevated over the next week before returning to normal.