The circulating supply of Relay Dollars (which is always equal to the market cap) is variable based on demand for the XRD (additional XRD is issued if the price increases beyond the dollar peg) and the amount of Relay Tokens collateralized in the Relay DAO (this sets the amount of XRT that can be claimed with Relay Dollars).

While Relay Dollars are the stablecoin intended for use as a true currency, the underlying Relay Token is how network participants can directly benefit from the growth and adoption of the network. Relay Token holders receive any new Relay Dollars that are issued into circulation, and they also gain from increases in the value of the Relay Token itself driven by demand for the 'dividends' in the form of new Relay Dollar issuance.

The Relay Token does have a set total supply of 1bn XRT, of which 75% is available for purchase in the public round for up to 2000 ETH in total. At an assumed price of $275 per ETH, the initial market cap of the Relay Token is approximately $730,000.