Relend Network

Relend Network provides stablecoin liquidity and credit infrastructure across multiple blockchain networks by issuing rUSDC, a chain-specific overcollateralized stablecoin backed by lending market collateral and redeemable 1:1 for USDC on Ethereum. rUSDC is deployed directly into money markets on partner chains, enabling scalable credit supply while each instance isolates risk to its own chain. The protocol serves stablecoin users, liquidity providers, and blockchain ecosystems seeking a multi-chain stablecoin solution with localized risk isolation and global liquidity sharing.

Yield on Relend Network is earned through a multi-layer lending system. Here's how it works.

Layer one — base lending on Ethereum.
People who supply USDC deposit it into the Relend USDC Vault (also called the Global Price Stability Module, or GPSM). This is a lending pool on Morpho that is managed by Relend Network and B.protocol. The deposited USDC is lent out to borrowers who put up more collateral than they borrow (overcollateralized loans). Those borrowers pay back the loan plus interest. That interest is the first source of yield.

Layer two — relending across other blockchains.
On top of that base, permissioned risk managers create rUSDC (a stablecoin backed by the deposited USDC). They deploy this rUSDC into money markets on partner blockchains. There, the rUSDC is supplied to lending protocols and earns additional interest from borrowers on each of those chains.

How the yield flows back.
The interest earned from all rUSDC instances across every partner chain is pooled and shared with the original USDC suppliers (the GPSM vault depositors). So every time a new partner chain starts using rUSDC, it adds a new stream of interest that flows back to the same group of suppliers — making the total yield increase as the network grows.

Redemption safety — local and global backups.
Each partner chain has a Local Price Stability Module (LPSM) on Ethereum that allows users to redeem rUSDC for USDC at a 1:1 rate. If a local PSM runs out of USDC, the GPSM (the Morpho vault) can step in. It does this by borrowing against rUSDC collateral to inject fresh USDC liquidity.

Pre-launch and future rewards.
People who deposit in the pre-deposit vaults earn RELEND Units, which are incentive points before the full launch. A planned $R token will later include staking: stakers will receive a share of the interest rate earned through rUSDC lending. Also, partner chains will need to buy and lock up $R tokens to activate their credit lines.

No separate protocol fees.
There are no explicit fees taken by the protocol itself. All yield comes purely from the lending interest charged to borrowers across the multiple money markets on different blockchains.

No information about investors, funding rounds, or backers was found on any official Relend Network source (website, documentation, Medium blog, DefiLlama page, or GitHub). The protocol currently does not appear to have any publicly disclosed venture capital or institutional backing.