Rai Reflex Index (RAI) is a crypto-backed index-linked stablecoin. It has about $1.5M in circulation, ranking #199 among the stablecoins CoinScoop tracks, and runs on 6 blockchains.
RAI price
$2.9729
Index-linked Circulating supply
$1.5M
30-day change
-5.4%
Price
$2.9729
Blockchains
6
Tracked since
Feb 2021
What is RAI?
Rai Reflex Index (RAI) is a crypto-backed index-linked stablecoin. It has about $1.5M in circulation, ranking #199 among the stablecoins CoinScoop tracks, and runs on 6 blockchains.
In the issuer's words: RAI is a collateralized, non-pegged asset with low volatility compared to its ETH collateral.
RAI supply history
$638K$478K
Oct 8, 2025Oct 8, 2026
$42.7M$0
Feb 14, 2021Oct 8, 2026
RAI supply fell 5.4% over the past 30 days, to $1.5M. Its peak was $48.7M in March 2021, and supply is 97% below that high.
Is RAI holding its peg?
Last price
$2.9729
Target
—
Status
Index-linkedRAI is not pegged to a fixed currency amount. Its target value floats with an index or basket, so we show its US dollar price rather than a peg status.
Where RAI lives: supply by blockchain
Supply is concentrated: Ethereum holds 95% of all RAI. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How RAI is backed
RAI is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Minting and redemption: Users mint RAI by depositing ETH as collateral into Rai safes. When the loan is repaid to retrieve the collateral, the paid back RAI is burned.
RAI risks
Collateral and liquidations
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Smart contracts and oracles
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
Small and thinly traded
With $1.5M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Bridged versions
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Regulation
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
RAI vs USDT and USDC
RAI in the news
Arbitrum proposes raising two L1-pricing parameters ahead of Glamsterdam
Tether signs Kazakhstan MoU to explore tenge stablecoin
Ethereum explores native assertions against blind signing
RAI FAQ
What is RAI?
Rai Reflex Index (RAI) is a crypto-backed index-linked stablecoin. It has about $1.5M in circulation, ranking #199 among the stablecoins CoinScoop tracks, and runs on 6 blockchains.
What backs RAI?
RAI is a crypto-backed stablecoin. RAI is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Which blockchains is RAI on?
RAI is live on 6 blockchains. The largest by supply are Ethereum ($473K), OP Mainnet ($15K), Polygon ($5K).
How much RAI is in circulation?
About $1.5M of RAI was in circulation at the last update, -5.4% over 30 days. That makes it the #199 stablecoin by supply among those we track.
Is RAI safe?
No stablecoin is risk-free. As a crypto-backed design, RAI's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. Its supply is small, so liquidity can be thin. It currently shows "index-linked" on our peg monitor. This page is information, not investment advice.