RAI, issued by the Reflexer Protocol smart contracts under the governance of FLX tokenholders, is a non-pegged, ETH-backed crypto-native stable asset that maintains a floating redemption price through an autonomous onchain controller rather than tracking any fiat currency [S1][S2].

RAI is not pegged to any reference currency and is not a yield-bearing, dividend, or rebasing product; the issuer states it is not designed to be pegged to anything and may never return to its starting value [S1][S3]. An onchain PID controller adjusts a redemption price and redemption rate to incentivize arbitrage toward the protocol target [S1][S4]. The Reflexer app is free to use, while SAFE minters bear a Stability Fee borrow rate and all users pay onchain gas fees [S3][S5].

No traditional corporate issuer is disclosed; the reflexer.finance footer carries the copyright GEB Foundation, with Reflexer Labs as the development team and parameters administered pending governance minimization by a multisig [S6][S7][S8]. RAI is an ERC-20 stable asset, not a redeemable claim against any issuer at face value, with collateral reachable only through Global Settlement [S1][S3][S9]. The protocol is permissionless, with no KYC, AML, accredited-investor gating, or excluded-jurisdiction list [S3]. RAI is backed exclusively by ETH locked in over-collateralized SAFE positions held non-custodially in onchain GEB smart contracts [S10][S5].

RAI is an ERC-20 token natively issued on Ethereum mainnet through the GEB SAFE system, with non-native bridged representations available on other public networks via third-party bridges [S5][S4]. Users mint RAI by depositing ETH and generating debt against the redemption price, set by an oracle-fed PID controller; holders exit by repaying debt, selling on secondary markets, or through Global Settlement after a shutdown cooldown [S1][S3][S9].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://reflexer.finance/" },
    { id: "S2", url: "https://docs.reflexer.finance/ungovernance/governance-minimization-guide" },
    { id: "S3", url: "https://reflexer.finance/faq/" },
    { id: "S4", url: "https://docs.reflexer.finance/" },
    { id: "S5", url: "https://docs.reflexer.finance/llms-full.txt" },
    { id: "S6", url: "https://reflexer.finance/" },
    { id: "S7", url: "https://docs.reflexer.finance/ungovernance/governance-minimization-guide" },
    { id: "S8", url: "https://docs.reflexer.finance/risk/geb-risks" },
    { id: "S9", url: "https://docs.reflexer.finance/system-contracts/shutdown-module/global-settlement" },
    { id: "S10", url: "https://docs.reflexer.finance/faq" },
  ]}
/>


Stablecoins

Overcollateralized borrowers deposit funds into Reflexer and receive RAI stablecoin.

Reflexer is a non-custodial stablecoin protocol built on Ethereum. Reflexer was founded by Ameen Soleimani & Stefan Ionescu and launched in 2020.

FLX tokenholders own and govern the protocol. They currently collect the total interest paid by borrowers (revenue). Reflexer’s investors include Paradigm, Variant Fund, Pantera Capital, etc.

governance

github

twitter

discord

etherscan

website

Stablecoin issuers

Reflexer

RAI Reflex Index (RAI) is a Yield strategy stablecoin issued by Reflexer.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Reflexer in ETH.

RAI has been issued on public blockchains since February 2021 and is native to Ethereum, Polygon, Avalanche, and OP Mainnet.

RAI Reflex IndexRAI

All metrics