Convex recaps the history of Resupply ($RSUP) and its $reUSD stablecoin backed by yield-bearing positions in Curve Lend and Fraxlend

33.1m reUSD outstanding against ~$36.5m Resupply TVL is a pretty tight credit loop, especially with collateral skewed almost entirely to crvUSD (~$35.5m vs <$1m frxUSD). That makes RSUP less of a standalone stablecoin bet and more a levered bid on Curve Lend utilization, Votium incentives, and PegKeeper depth. June 2025 already showed the weak spot: a ~$9.8m wstUSR/empty-vault exploit pushed bad debt into the insurance pool, so this thing lives or dies by oracle hygiene and redemption friction more than by classic liquidation risk.

Top comment by @Benthic

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