Reserve Protocol is a permissionless platform for creating, deploying, and governing diversified, asset-backed stablecoins called RTokens — where anyone can define a custom basket of yield-bearing collateral (stETH, cUSDC, etc.), launch a stablecoin backed by it, and earn the yield generated, with RSR stakers providing over-collateralization backstop insurance. RSR is the governance token across all RToken deployments and the insurance backstop: RSR stakers earn a portion of the yield generated by RToken collateral, but in exchange, if any collateral asset depegs or fails, RSR stakers are first in line to absorb losses (seizing and auctioning their RSR to recapitalize). This creates a tokenomic model where RSR holders are compensated for genuine risk.
| Stat | Value |
|---|---|
| Ticker | RSR |
| Price | $0.00 |
| Market Cap | $99.75M |
| 24h Change | +6.3% |
| 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
RTokens:
Any user can deploy an RToken via Reserve’s no-code deployer by:
- Choosing a basket of yield-generating collateral (e.g., 50% stETH + 50% cUSDC)
- Setting governance parameters
- Designating RSR staker rewards (% of yield going to RSR stakers)
- Launching the stablecoin
Examples of live RTokens: eUSD (Electronic Dollar), hyUSD, ETH+.
RSR staking:
RSR stakers in each RToken deployment earn a share of that RToken’s yield. In return, their staked RSR can be slashed (seized and auctioned) if a collateral asset defaults — providing recapitalization capital.
RTOKEN overcollateralization:
Each RToken maintains excess collateral (above 1:1 peg) funded by surplus yields. RSR staking provides additional insurance beyond this primary buffer.
Governance:
RSR stakers vote on collateral basket changes, yield reinvestment settings, and other protocol parameters for their specific RToken deployment.
Tokenomics
| Metric | Value |
|---|---|
| Max Supply | 100,000,000,000 RSR |
| Staking | RSR staked per RToken for yield + insurance role |
| Slashing | RSR can be forfeited to recapitalize a failing RToken |
| Rewards | Share of RToken collateral yield |
| ATH | ~$0.12 (2021) |
Use Cases
- Insurance staking — RSR staked in RToken vaults earns yield in exchange for backstop risk
- Governance — RSR stakers vote on each RToken’s collateral basket and parameters
- Yield — Passive income from collateral yield distributed to stakers
- Collateral backstop — RSR sold in open auctions if RToken collateral fails
History
- 2019 — Reserve Protocol founded by Nevin Freeman; raises $5M from Coinbase Ventures, Peter Thiel, and others
- May 2019 — RSR token launches
- 2021 — Reserve app launches in Venezuela to protect against hyperinflation (using RSV stablecoin)
- 2022 — Reserve Protocol v3 launches: permissionless RToken deployment
- 2023 — eUSD, hyUSD, and other RTokens launch; TVL builds
- 2024 — Reserve ecosystem grows to $1B+ in RToken TVL; ETH+ and other yield stablecoins gain traction
Common Misconceptions
“RSR is a stablecoin.” RSR is explicitly NOT a stablecoin — it is a volatile governance and insurance token. The stablecoins in the Reserve ecosystem are RTokens (eUSD, etc.), backed by collateral baskets.
“Losing RSR to slashing is always bad.” RSR slashing is a designed mechanism. RSR stakers opt in specifically because the yield earned compensates for the slashing risk; it is analogous to serving as insurance underwriters.