Stablecoin issuer Raft has launched the stablecoin R, which is backed by a single crypto asset, Lido Staked Ether (stETH). According to the protocol's documents, the stablecoin began trading on Monday and uses hard and soft peg mechanisms to keep its price around $1. The hard peg relies on arbitrage to maintain a stable price, while the soft peg relies on incentivizing users to act based on the "expectation that the peg will remain in the future." (CoinDesk)