RAI stablecoin is not pegged to fiat but ETH,
Dynamic interest rates keep prices stable.
RAI aims to dethrone centralized stablecoins for DeFI.
A stablecoin backed by Ethereum called RAI has launched this week with the aim of becoming a stable reserve asset for DeFi.
The Rai Reflex Index, a product of Reflexer Labs, was launched on Feb. 17 after a year of research and development. According to the announcement, RAI is an Ethereum-backed, non-pegged stable asset. Its monetary policy is managed by an on-chain, autonomous controller.
RAI has been programmed to maintain its own stability using algorithms and virtually no human input. In the words of its creators, it is a “Money God.”
Prior to launch, Reflexer Labs carried out a three-month testnet. It used Proto RAI to demonstrate how a stablecoin can lack a peg and instead have its redemption price float in response to market forces;
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