Resupply

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

Resupply is a stablecoin protocol on Ethereum that issues its dollar against positions in existing lending markets, drawing on their liquidity rather than holding collateral directly. At $61M TVL at the 2026-08-14 survey it sits below our $100M materiality line: a sleeve-sized client position would be a meaningful share of the venue, which is an exit risk on its own. Rejected on size; size alone decides it, whatever the protocol’s quality. TVL sustained above the line reopens the file.

Kill criteria: the events that revoke this verdict
• TVL sustained above $100M for 30 days

The research file

Mechanism

Borrowers deposit interest-bearing receipts from external lending markets into isolated pairs and mint reUSD. Each pair sets collateral, oracle, loan-to-value, liquidation and debt-cap terms. Insurance-pool stakers back system losses, so reUSD inherits both Resupply and underlying market risk.

Control and operating evidence

Governance authorizes operators through an upgradeable Core; a 3-of-4 multisig drawn from Convex and Yearn participants controls treasury functions and a Guardian can pause and cancel proposals. DefiLlama records a June 2025 $9.6M oracle-manipulation exploit, which is material operating evidence rather than erased by later continuation.

Exit consequences

Borrowers repay reUSD to withdraw collateral and otherwise face pair-specific liquidation. reUSD holders depend on market liquidity and system solvency rather than a universal direct redemption into base stablecoins. A failed oracle or illiquid underlying receipt can transmit bad debt to insurance stakeholders and stablecoin liquidity.

Why the class rule decides

Current tracked TVL is roughly $50.9M, below the materiality floor, so size decides before pair-level underwriting. If scale returns, the 2025 loss, oracle construction, market caps, multisig powers, insurance sufficiency and stablecoin exit require a full individual review.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Resupply Docs — repayment and collateral withdrawal · primary · accessed 2026-08-14
  Supports: reUSD repayment, collateral withdrawal, liquidation avoidance, loan closure
• Resupply Docs — multisig and administrator permissions · primary · accessed 2026-08-14
  Supports: 3-of-4 multisig, Guardian pause, operator authorization, upgrade control
• DefiLlama — Resupply survey and incident record · secondary · accessed 2026-08-14
  Supports: survey TVL, lending category, 2025 oracle exploit, loss amount

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.