Stablecoin SDK - Reflect Money

Installation

To install Reflect Stablecoin SDK within your development environment, run the following command:

yarn add @reflectmoney/stable.ts

npm install @reflectmoney/stable.ts

pnpm install @reflectmoney/stable.ts

Core

The SDK exposes three core modules:

Reflect, a general-purpose class for protocol setup and interactions with base functionalities.
ReflectKeeper, a class exposing keeper-level functions necessary for maintenance and risk management. The majority of these functionalities require authentication at the protocol level.
PdaClient, a class exposing functions for derivation of PDAs storing state within the Reflect Protocol.

Stablecoins

In most cases, usage of the three classes above will not be necessary for simple integrations and usage of Reflect stablecoins. For every stablecoin, the SDK exposes a separate class equipped with functions for minting, redemption, and administrative features. All these classes follow the schema of the Stablecoin superclass.

Stablecoin.ts

abstract class Stablecoin {
    // Internal index used for derivation.
    public index: number;
    // Name of the strategy.
    public name: string;
    // RPC connection class.
    public connection: Connection;
    // Public key of the controller account.
    public controller: PublicKey;
    // List of collateral assets allowed for deposits.
    public collaterals: Collateral[];
    // Mint of the stablecoin.
    public stablecoinMint: PublicKey;
    // Pyth client used for pricing data.
    public pythClient: HermesClient;
    // Drift client, only required for Drift-powered strategies.
    public driftClient?: DriftClient;

    // Generate user's token accounts if minting for the first time.
    abstract initializeTokenAccounts(owner: PublicKey, mints: PublicKey[], signer: PublicKey): Promise<TransactionInstruction[]>;

    // Mint a stablecoin to user's wallet.
    abstract mint(signer: PublicKey, amount: BN | number, minimumReceived: BN | number, ...args: any[]): Promise<TransactionInstruction[]>;

    // Redeem a stablecoin into underlying collateral.
    abstract redeem(signer: PublicKey, amount: BN | number, minimumReceived: BN | number, ...args: any[]): Promise<TransactionInstruction[]>;

    // Rebalance the strategy internal balances. Currently permissioned, requiring authentication at the protocol level.
    abstract rebalance(signer: PublicKey): Promise<TransactionInstruction[]>;
}

Currently, the SDK exposes Stablecoin classes for all three Reflect stablecoins:

UsdcPlusStablecoin, for integration with USDC+ (Index 0) - Live
UsdjStablecoin, for integration with JLP Hedged (Index 1) - Coming soon
LstStablecoin, for integration with LST Delta-Neutral (Index 2) - Live

Creating and redeeming Reflect stablecoins with TypeScript

Follow the scripts below to mint and redeem Reflect stablecoins. All Stablecoin subclasses expose methods following the same schema, so the code below works interchangeably with minor changes.

import { UsdcPlusStablecoin } from "@reflectmoney/stable.ts";
import { Connection, Keypair, TransactionMessage, VersionedTransaction } from "@solana/web3.js";
import BN from "bn.js";

const connection = new Connection("https://api.mainnet-beta.solana.com");
const stablecoin = new UsdcPlusStablecoin(connection);

// Load controller data for the most up-to-date stablecoin setup.
await stablecoin.load(connection);

// Use an actual user's public key, read from wallet adapter or local environment.
const user = Keypair.generate();

// $1000 USD
const AMOUNT = new BN(1000 * Math.pow(10, 6));
const MIN_RECEIVED = new BN(999 * Math.pow(10, 6)); // 0.1% slippage protection

const ix = await stablecoin.mint(
    user.publicKey,
    AMOUNT,
    MIN_RECEIVED
);

const { blockhash } = await connection.getLatestBlockhash();

const {
    value: lookupTable
} = await connection.getAddressLookupTable(
    stablecoin.lookupTable
);

const message = new TransactionMessage({
    instructions: ix,
    payerKey: user.publicKey,
    recentBlockhash: blockhash
}).compileToV0Message([lookupTable]);

const transaction = new VersionedTransaction(message);

// Transaction signature and confirmation logic, adjust for your needs.
transaction.sign([user]);
await connection.sendRawTransaction(transaction.serialize());

import { UsdcPlusStablecoin } from "@reflectmoney/stable.ts";
import { Connection, Keypair, TransactionMessage, VersionedTransaction } from "@solana/web3.js";
import BN from "bn.js";

const connection = new Connection("https://api.mainnet-beta.solana.com");
const stablecoin = new UsdcPlusStablecoin(connection);

// Load controller data for the most up-to-date stablecoin setup.
await stablecoin.load(connection);

// Use an actual user's public key, read from wallet adapter or local environment.
const user = Keypair.generate();

// $999 USD worth of USDC+
const AMOUNT = new BN(999 * Math.pow(10, 6));
const MIN_RECEIVED = new BN(1000 * Math.pow(10, 6)); // USDC+ is yield bearing, so you'll receive more USDC over time

const ix = await stablecoin.redeem(
    user.publicKey,
    AMOUNT,
    MIN_RECEIVED
);

const { blockhash } = await connection.getLatestBlockhash();

const {
    value: lookupTable
} = await connection.getAddressLookupTable(
    stablecoin.lookupTable
);

const message = new TransactionMessage({
    instructions: ix,
    payerKey: user.publicKey,
    recentBlockhash: blockhash
}).compileToV0Message([lookupTable]);

const transaction = new VersionedTransaction(message);

// Transaction signature and confirmation logic, adjust for your needs.
transaction.sign([user]);
await connection.sendRawTransaction(transaction.serialize());

import { LstStablecoin } from "@reflectmoney/stable.ts";
import { Connection, Keypair, TransactionMessage, VersionedTransaction } from "@solana/web3.js";
import BN from "bn.js";

const connection = new Connection("https://api.mainnet-beta.solana.com");
const stablecoin = new LstStablecoin(connection);

// Load controller data for the most up-to-date stablecoin setup.
await stablecoin.load(connection);

// Use an actual user's public key, read from wallet adapter or local environment.
const user = Keypair.generate();

// $1000 USD worth of LST
const AMOUNT = new BN(1000 * Math.pow(10, 6));
const MIN_RECEIVED = new BN(999 * Math.pow(10, 6)); // 0.1% slippage protection

const ix = await stablecoin.mint(
    user.publicKey,
    AMOUNT,
    MIN_RECEIVED
);

const { blockhash } = await connection.getLatestBlockhash();

const {
    value: lookupTable
} = await connection.getAddressLookupTable(
    stablecoin.lookupTable
);

const message = new TransactionMessage({
    instructions: ix,
    payerKey: user.publicKey,
    recentBlockhash: blockhash
}).compileToV0Message([lookupTable]);

const transaction = new VersionedTransaction(message);

// Transaction signature and confirmation logic, adjust for your needs.
transaction.sign([user]);
await connection.sendRawTransaction(transaction.serialize());

Yield distribution of the stablecoin

Depending on the selected stablecoin, yield is distributed in one of two ways:

Natively, via the base stablecoin appreciating in value
Through a “tokenized bond”, a yield-bearing receipt token obtained after depositing the base stablecoin in Reflect Tokenized Bonds program

Currently, the USDC+ stablecoin is natively appreciating in value and does not require manual wrapping. All other stablecoins distribute their yield through the yield-bearing receipts. Yield-bearing receipts are based on the following flow:

Deposit the collateral into a yield-bearing strategy
Mint the base stablecoin
Wrap the base stablecoin into a yield-bearing receipt
Continuously mint more of the base stablecoin against the yield generated from the strategy to keep the price of the base stablecoin at $1 USD
Deposit stablecoins minted in the following steps to the yield distribution program

As a result, the yield-bearing receipts appreciate in value over time, as the underlying pool of the base stablecoin grows, while the amount of receipt tokens stays the same.

Reflect Tokenized Bond

The Reflect SDK exposes a ReflectTokenizedBond class. It is an interface for interacting with the tokenized bond program used for distribution of the yield generated by underlying collateral of the Reflect stablecoins. On a daily basis, Reflect protocol keepers monitor the yield generated by Reflect and move it into the yield distribution program.

Usage

To interact with the tokenized bond program, use the following snippets:

import { ReflectTokenizedBond, UsdjStablecoin } from "@reflectmoney/stable.ts";
import { Connection, Keypair, TransactionMessage, VersionedTransaction } from "@solana/web3.js";
import BN from "bn.js";

const user = Keypair.generate();

const stablecoin = new UsdjStablecoin(connection);
const reflectTokenizedBond = new ReflectTokenizedBond(connection);

const AMOUNT = new BN(1000 * 1_000_000);

const instruction = reflectTokenizedBond.deposit(
    user.publicKey,
    stablecoin.index,
    AMOUNT
);

const { blockhash } = await connection.getLatestBlockhash();

const message = new TransactionMessage({
    instructions: [instruction],
    payerKey: user.publicKey,
    recentBlockhash: blockhash
}).compileToV0Message();

const transaction = new VersionedTransaction(message);

// Transaction signature and confirmation logic, adjust for your needs.
transaction.sign([user]);
await connection.sendRawTransaction(transaction.serialize());

import { ReflectTokenizedBond, UsdjStablecoin } from "@reflectmoney/stable.ts";
import { Connection, Keypair, TransactionMessage, VersionedTransaction } from "@solana/web3.js";
import BN from "bn.js";

const user = Keypair.generate();

const stablecoin = new UsdjStablecoin(connection);
const reflectTokenizedBond = new ReflectTokenizedBond(connection);

const AMOUNT = new BN(1000 * 1_000_000);

const instruction = reflectTokenizedBond.withdraw(
    user.publicKey,
    stablecoin.index,
    AMOUNT
);

const { blockhash } = await connection.getLatestBlockhash();

const message = new TransactionMessage({
    instructions: [instruction],
    payerKey: user.publicKey,
    recentBlockhash: blockhash
}).compileToV0Message();

const transaction = new VersionedTransaction(message);

// Transaction signature and confirmation logic, adjust for your needs.
transaction.sign([user]);
await connection.sendRawTransaction(transaction.serialize());

​Installation

​Core

​Stablecoins

​Creating and redeeming Reflect stablecoins with TypeScript

​Yield distribution of the stablecoin

​Reflect Tokenized Bond

​Usage