After an internal cross-chain infrastructure evaluation, Re, the leading onchain reinsurance protocol with $475+ million in TVL, announced its migration from LayerZero to Chainlink’s Cross-Chain Interoperability Protocol (CCIP) as the exclusive bridging solution for Re’s $160+ million market cap depository token, reUSD.
As the industry’s most decentralized and resilient oracle platform, Chainlink has facilitated over $30 trillion in transaction value and has been officially recognized by the White House as critical infrastructure for the onchain economy. CCIP maintains the highest level of cross-chain security, backed by a separate Risk Management Network, and is the only interoperability solution to achieve SOC 2 Type 2 attestation.
reUSD is a principal-protected, low-risk, yield-accruing stablecoin that generates income from real-world reinsurance premiums and DeFi basis trades. By adopting CCIP to bridge reUSD into the multi-chain economy, Re ensures every cross-chain bridge lane is secured by at least 16 high-quality, security-reviewed, independent node operators.
“Chainlink has been a foundational technology provider powering Re from the beginning. It is an obvious choice to upgrade to Chainlink and secure the expansion of reUSD across chains,” said Re’s VP of Engineering, Cliff White, in an official announcement.
Re is among numerous protocols migrating from LayerZero to CCIP, including Kelp, which is upgrading to CCIP to secure rsETH after a LayerZero exploit resulted in nearly $300 million in losses across DeFi. PayFi network Huma Finance also adopted CCIP as the exclusive bridging solution for its core yield product, PST, and all future yield products. Solv, the largest Bitcoin staking protocol, is deprecating its LayerZero bridges and making the switch to CCIP.
“We’re excited to support Re as it upgrades to Chainlink CCIP as its exclusive cross-chain infrastructure to expand reUSD across chains,” said Chainlink Labs’ Chief Business Officer, Johann Eid.
“This highlights a broader industry shift where leading protocols adopt Chainlink exclusively to provide the uncompromising security necessary to scale stablecoins across the multi-chain ecosystem.”
To learn more about Re, visit their website, X, Telegram, and Discord.