Reserve Rights (RSR) is an ERC-20 token that functions as the recapitalization and governance token for the Reserve Protocol — a permissionless, open-source smart contract framework designed by Nevin Freeman and Taylor Brent Westenbroek that enables anyone to deploy a new decentralized stablecoin (“RToken”) backed by a configurable basket of yield-bearing ERC-20 assets (basket tokens such as USDC, stETH, cUSDC, and other interest-bearing tokens), with RSR serving a dual role: (1) RSR stakers are the automatic first-loss capital layer that absorbs collateral shortfalls via programmatic auctioning (protecting RToken holders from undercollateralization), and (2) RSR stakers receive a pro-rata share of the spread between the RToken basket’s yield and the RToken’s own yield target — making RSR the recapitalization insurance provider and the yield-surplus beneficiary of the Reserve Protocol ecosystem simultaneously.
| Stat | Value |
|---|---|
| Ticker | RSR |
| Price | $0.00 |
| Market Cap | $101.26M |
| 24h Change | +8.3% |
| Circulating Supply | 62.55B RSR |
| Max Supply | 100.00B RSR |
| All-Time High | $0.12 |
| Contract (Ethereum) | 0x3206...5d70 |
| Contract (Base) | 0xab36...f64a |
| Contract (Energi) | 0xfce1...9800 |
| Contract (Arbitrum One) | 0xca5c...e594 |
How It Works
- RToken deployment — Anyone can deploy an RToken by configuring: basket composition (which yield-bearing assets back it), target exchange rate (typically 1:1 USD), RSR StakingPool parameters (the amount of RSR first-loss insurance required), governance rules, and revenue sharing split between RSR stakers and RToken holders.
- Basket collateral — RTokens are backed 100%+ by a diversified basket of yield-bearing ERC-20 tokens (e.g., Compound USDC [cUSDC], Aave USDC [aUSDC], Stargate USDC, Convex positions). This earns native yield from the basket, funded by DeFi lending rates.
- RSR staking as insurance — RSR holders who deposit RSR into an RToken’s StakingPool are opting in as first-loss capital. If collateral backing drops below 100% (e.g., if cUSDC defaults), the protocol automatically auctions staked RSR to purchase the shortfall collateral — diluting RSR stakers but making RToken holders whole.
- Revenue sharing — RToken basket yield is split: a portion goes to RToken holders (making the RToken itself yield-bearing or maintaining peg), and the surplus goes to RSR stakers as their return for providing recapitalization insurance.
- Governance — RSR stakers govern the Reserve Protocol through on-chain voting. They vote on basket composition changes, fee parameters, backing ratios, and new RToken standards.
- Recapitalization auctions — In a shortfall event, the protocol uses a Dutch auction to sell RSR for the needed collateral token, rather than requiring manual emergency actions. This is fully autonomous.
Tokenomics
| Parameter | Value |
|---|---|
| Ticker | RSR |
| Chain | Ethereum ERC-20 (also bridged to Base, Optimism, Arbitrum) |
| Contract (original) | 0x320623b8E4fF03373931769A31Fc52A4E78B5d70 |
| Max Supply | 100,000,000,000 RSR (100 billion) |
| Circulating | ~40–45B RSR (the remainder in team/investor/slow-release vesting) |
| Old RSR → New RSR | 1:1 redenomination migration in 2020 (no change to economics) |
| RSR staking | Voluntary per-RToken; stakers earn yield share, bear first-loss risk |
Use Cases
- RToken recapitalization — RSR stakers provide insurance capital for any deployed RToken’s shortfall scenarios.
- Yield on RSR via staking — RSR stakers earn a share of RToken basket yield as compensation for insurance provision.
- Reserve Protocol governance — RSR holders vote on protocol parameters, upgrades, and basket standards.
- eUSD — Electronic USD is a flagship RToken backed by diversified USD stablecoins and yield-bearing assets. RSR staked in eUSD earns from the spread.
- hyUSD — A higher-risk, higher-yield RToken in the Reserve ecosystem backed by DeFi yield positions.
History
- 2018 — Reserve Protocol founded by Nevin Freeman (CEO), Matt Elder (CTO), and others in the Silicon Valley blockchain ecosystem. The original vision: a global, inflation-resistant stablecoin accessible to people in high-inflation economies (Venezuela, Argentina focus). Peter Thiel (Founders Fund), Sam Altman (Y Combinator), and Coinbase Ventures are early investors.
- 2019-05-22 — RSR token launches. Reserve Protocol raises from strategic investors. The original dual-token model (RSV stablecoin + RSR backing token) is introduced.
- 2019–2021 — Reserve Money app launches in Venezuela, Colombia, and other LatAm high-inflation markets, providing a USD-backed savings and payments app. The Reserve app uses RSV (the stablecoin), not RSR directly. Usage in Venezuela grows as dollar-pegged savings become valuable to citizens experiencing local currency inflation.
- 2020 — RSR is redenominated from the original token to a new RSR contract (1:1 ratio, same economic effect) to improve smart contract properties. Slower-than-anticipated mainnet launch.
- 2021 — Reserve Protocol v1 mainnet launches. The initial version is limited in functionality vs. the full vision. Reserve Money app continues growing in LatAm independently of RSR price. RSR reaches ATH during 2021 bull market.
- 2022-07 — Reserve Protocol v2 (“Register”) releases the full permissionless RToken framework. This is the pivotal launch: anyone can now deploy their own RToken with custom collateral baskets. eUSD is deployed as the flagship RToken.
- 2023 — Multiple RTokens deploy on Reserve Protocol, including hyUSD and community-governed variants. Total reserve value across RTokens reaches meaningful scale. Protocol operates fully on-chain without Reserve Inc. intervention.
- 2024 — Reserve Protocol expands across Base, Arbitrum, and Optimism. The staking and RToken infrastructure matures. RSR remains one of the largest-supply small-cap tokens by total count (100B supply).
Common Misconceptions
“RSR is a stablecoin.”
RSR is not a stablecoin — it is a volatile ERC-20 token whose price fluctuates. The stablecoins in the Reserve ecosystem are RTokens (like eUSD), not RSR itself.
“Reserve Protocol is only for Venezuela.”
The Reserve Money app (a consumer-facing app targeting LatAm inflation victims) is separate from the Reserve Protocol (the open DeFi RToken framework). The protocol is permissionless and global — anyone can deploy any RToken for any purpose.
“RSR stakers have no risk.”
RSR stakers are explicitly the first-loss layer. If RToken backing collateral loses value, staked RSR is automatically auctioned to cover the shortfall — meaning RSR stakers can lose principal. This is the insurance nature of RSR staking.
Social Media Sentiment
RSR has an unusually dedicated community (sometimes called “Redditors RSR” or visible on Twitter under #RSR) who follow the project closely and believe in the long-term vision of global accessible stable savings. The project is covered positively in DeFi circles for its technically novel RToken framework and for genuinely operating a savings app in Venezuela. The 100 billion supply is frequently cited as a concern for token price ceiling, with critics noting that large vesting unlocks from team/investors create sell pressure. RSR’s community emphasizes the fundamental use case distinction from most crypto projects.
Last updated: 2026-04