I think I just found a very interesting stablecoin design.

@Realfi_co is running a 2-token structure on Cardano, with a native EVM launch scheduled shortly after, to separate the peg from the risk.
In most RWA stablecoins, the token itself carries the variability.
Here, there's a separate layer that absorbs that movement before it reaches the peg.
Basically, sUSDr holds the reserve position and takes the hit first, so USDr stays stable.
Structurally, it behaves more like a buffer than a typical stablecoin design.
They're kicking off Phase 1 of the testnet on July 6. I think much more will be coming from them.
Check it out here:
I'll expand on this in an upcoming post.