Is RAI the Decentralized Stablecoin the Market Needs?

AUG 11, 2022 • 11 Min Read

Genevieve Yeoh

DISCLOSURES: THE AUTHOR & EDITOR HAVE NOT PURCHASED OR SOLD ANY TOKEN FOR WHICH THEY HAVE MATERIAL NON-PUBLIC INFORMATION DURING THE RESEARCH AND DRAFTING OF THIS REPORT. THESE STATEMENTS ARE INTENDED TO DISCLOSE ANY CONFLICT OF INTEREST AND SHOULD NOT BE MISCONSTRUED AS A RECOMMENDATION TO PURCHASE OR SELL ANY TOKEN, OR TO USE ANY PROTOCOL. THE CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND YOU SHOULD NOT MAKE INVESTMENT DECISIONS BASED SOLELY ON IT. THIS IS NOT INVESTMENT ADVICE.

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Recent news of Tornado Cash being sanctioned by the U.S. Treasury and Circle freezing USDC in addresses belonging to Tornado Cash users has been the talk of the town. And this event has underscored the censorship risk associated with centralized stablecoins as well as the inevitability of stricter regulation. This development reinforces the thesis for decentralized stablecoins — a need that is more pressing than ever.

In a recent stablecoin piece, we wrote that some of the most prominent “decentralized” stables are in fact masking a large centralized stable collateral backing, causing them to inherit the risk of the centralized collateral. In this report, we explore an alternative form of crypto native money: RAI, a non-pegged stablecoin by Reflexer Finance that is backed purely

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