Decentralized stablecoin protocol Reserve has launched on the Coinbase-incubated Layer 2 network Base, its first deployment beyond the Ethereum mainnet, according to a statement. The protocol holds a total value locked of $24 million on Ethereum. 

The move enables users to create their own “RTokens” — decentralized stablecoins, flatcoins (pegged to the cost of living) or tokenized indices — using Reserve’s Asset Backed Currency Factory on the cheaper Layer 2 network. These assets are backed by overcollateralized baskets of Ethereum-compatible ERC-20 tokens.

Reserve's collateral options on Ethereum and Base include major stablecoins, ether and wrapped bitcoin, on their own or in yield-bearing form from protocols such as Compound, MakerDAO, Aave, Convex, Curve, Morpho and Flux …