RAI is a unique stable asset created by Reflexer. Unlike traditional stablecoins that are pegged to a specific currency like USD, RAI is not pegged and instead freely floats, allowing it to be influenced by market forces. The main goal of RAI is to be a decentralized stable asset that is detached from fiat currencies.

Reflexer, the team behind RAI, has developed a smart contract lending platform that enables users to utilize their crypto collateral and borrow RAI. This initiative was introduced in 2020 to bring control theory to the crypto space and realize the original vision of DAI: a stable currency managed by an on-chain, smart contract-based controller without a peg.