Reserve Rights (RSR) is a token that is used to maintain the stability of RSV at its target level of $1.00 with the help of an arbitrage capability system. The backup protocol can be deployed on top of any intelligent contracting platform.

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Reserve Rights

Today a new company is coming onto the scene: Best Friend Finance!

The BFF team is the team that built Rpay, and the new app they are working on will take Rpay's place once it's ready.

The company is cofounded by @0xgabo (CEO), @joshfurnas (product and strategy), and Matt Robinson (CTO). I'm chairman of the board to help guide, but not part of the operational team.

The new app they are working on is an economically efficient bridge between the US and Latin America. 

It turns out that in the current US banking climate it's virtually impossible to offer a stablecoin wallet with reasonable pricing, so the team expanded their perspective and found a new way forward: offer US users a full-on bank account instead of a stablecoin balance, and seamlessly connect them to international users who do still have stablecoin balances. US users will not touch any crypto balances, including RTokens, while international balances will still be in RTokens. The magic is that these users will still be able to send back and forth to each other, for free, instantly, in a few taps. ✨

The list of strategic considerations that went into this plan is quite long, but the user experience will be quite simple and slick – you'll be able to freely send money from the US to LATAM and back, both types of accounts will easily be able to spend that money virtually anywhere around the world, and US users will be fully plugged into the banking system, so they can get direct deposit from their employer, send and receive bank transfers at low cost, etc.

International users will, like Rpay today, have eUSD balances.

Will US users ever have RToken balances? As of now, it didn't make sense to try to offer crypto access in the US, but I could see that potentially changing one day. If the BFF team decided they wanted to pursue that, they'd need to make that decision together with their banking partner, as I'm sure was the case for other fintech companies in the US that have added crypto functionality.

Why enter the US if it's not crypto friendly right now? The BFF team has a specific long-term mission in mind: providing universal access to the six essential financial functions. Those are:
• Earning money
• Moving money
• Saving money
• Insurance
• Lending/borrowing money
• Investing/raising money
In order to eventually offer these functions on a global scale, the company must find a way to grow to that global scale, and serving the US market – a financial hub for the world – is the next step.

Will BFF serve as a promotional mechanism for the Reserve protocol? That depends. Will RTokens offer great functionality for the users BFF wants to serve? Will there be RTokens that have all the features needed in order to provide great means of savings, money movement, lending, and so on? If so, BFF will very likely utilize them in the pursuit of its mission. If not, it will find other ways. So it's on the Reserve community – RToken deployers, collateral plugin developers, RToken governors, community educators and organizers, etc. to produce great RTokens that BFF (and other financial platforms!) want to offer their users. I think we're up to the challenge 😎

The timeline for launching this new app is not set, as it's still in development. Until then, Rpay will continue to function as it does today. We just thought it was a good idea to share the news about this new company that's been formed and the plan behind it all.

You can read more about this update: 
• in Reserve's blog post: https://t.co/Rq1Emy6O2n
• and directly from Gabo: /0xgabo/status/1694072117678219610

Tomorrow morning at 9am PT, I'll be on the Reserve discord to answer any questions you might have about this any anything else: /reserveprotocol/status/1691557641229631979

Twitter

Curious to learn more about @bffcalifornia ? 🤯

@nnevvinn shares some context here:

Curious to learn more about @bffcalifornia . @nnevvinn shares some context here:.