Rock Stable Token Inc

IRMA is a new kind of stablecoin ("flatcoins") that won't inflate with USD. IRMA stands for "Inflation Resistant Medium of Account". Unlike other flatcoins, IRMA does not fight inflation by paying yield. IRMA is more like the Treasury Inflation Protected Security (TIPS) because it adjusts its mint price according to inflation - the most significant difference of IRMA from TIPS is that IRMA is much more liquid than TIPS. Users can redeem IRMA anytime, at a redemption price which can be lower than the mint price. The mint price does go up also, and the process by which this happens is described below.

When launched, IRMA will be paired with at least six normal stablecoins in https://meteora.ag and the reserves consist of those same stablecoins paired with IRMA.  Every mint transaction deposits a stablecoin in its reserve vault. When a buyer swaps for IRMA with 100 USDC, for example, 99.60 USDC is stored in the USD reserve vault, and (99.60 USDC) / (IRMA mint price) IRMA is deposited into the buyer's wallet. (Meteora collects 0.40 USDC fee, 0.32 USDC of which is paid to Rock Stable.)

Given six reserve stablecoins, there are then six mint prices and six redemption prices. All these twelve different prices can be different from one another.

While IRMA's mint price depends on inflation and the USD exchange rate of the reserve stablecoin, its redemption price is always equal to total reserve stablecoins in the vault divided by IRMA in circulation attributed to the stablecoin reserve. The redemption price prevents runs, and yet it can catch up with the mint price because of two market dynamics mechanisms.

The first mechanism by which the redemption price catches up with the mint price happens during minting. As more buyers swap at the higher mint price, the accumulation of reserves accelerates because more reserves are deposited in the vaults than IRMA released in circulation.

The other mechanism occurs during redemptions itself. Like any other token meant for high distribution in blockchain, IRMA is fungible which in this case means that IRMA minted by swapping with a stablecoin like USDC can be redeemed for another stablecoin like PYUSD. Fungibility therefore means that the quantity of IRMA that is taken out of circulation can be attributed and subtracted from "IRMA in circulation" for any other reserve stablecoin. The IRMA program chooses the stablecoin, for which its IRMA in circulation the redeemed IRMA is subtracted, by picking that stablecoin with the largest spread between mint price and redemption price.

Redemptions allow the redemption price to catch up quicker with the mint price than mintings alone.

How does Rock Stable earn? Mainly through the fees collected by Meteora during minting and redemptions. If the US dollar inflation goes out of control, Rock Stable can also earn from seigniorage.

My name is Carlos Tapang and I am the principal founder of Rock Stable. I have four other members of the team. Here are our LinkedIn profiles:

Carlos Tapang, CEO

https://www.linkedin.com/in/ctapang

Rafaelito Tarriela, Compliance

https://www.linkedin.com/in/rafaelito-tarriela

Bryan Agustine Cabansay, Software Dev Lead

https://www.linkedin.com/in/bryancabansay/

Nicholas Youmans, Ph.D., Fractional CFO

https://www.linkedin.com/in/cfonyoumans/

Ravi Kabir, Fractional CMO

https://www.linkedin.com/in/ravi-kabir-regnatus/