$reUSD interest rate arbitrage + upcoming @re TGE reUSD has recently been added as a collateral asset for Fluid @0xfluid, significantly enhancing the capital efficiency of this asset. With Fluid's integration, users can now borrow USDT or USDC at market lending rates, similar to Aave's lending environment, providing a clearer path for implementing true interest rate arbitrage strategies using reUSD as collateral. What is $reUSD? reUSD is a senior tranche stablecoin issued by Re. Its structure is based on a tiered capital structure: • Junior layer approximately $73M • Middle layer $reUSDe approximately $13M • Senior layer $reUSD approximately $157M The funds supporting reUSD are primarily deployed in sUSDe, while retaining USDC reserves for instant redemption liquidity. More importantly, Re focuses on low-volatility insurance asset portfolios rather than catastrophe reinsurance, resulting in lower tail risk compared to traditional reinsurance exposures. Why is this structure worth noting? ① Relatively robust asset backing Most of the funds are allocated in sUSDe, while retaining USDC as a liquidity buffer. ② Clear risk tiering structure The order of loss absorption is Junior → Middle → Senior, placing reUSD at the top of the capital structure. ③ Higher yield levels Yields are typically around sUSDe yield + approximately 2.5%, higher than many stablecoin strategies. ④ Different from common RWA narratives...