Reflect Money Integration

Single skill for all Reflect Money APIs and SDKs. Yield-bearing stablecoins on Solana.

API Base URL: https://prod.api.reflect.money Docs: https://docs.reflect.money GitHub: https://github.com/palindrome-eng Audit Report: https://alpha.reflect.money/static/Reflect-DeltaNeutral-Sep-2025-OffsideLabs.pdf

Use / Do Not Use

Use when:

• The task involves minting or redeeming USDC+, USDT+, or USTR+.
• The task involves issuing a whitelabel/branded yield-bearing stablecoin (proxy).
• The task involves querying APY, exchange rates, supply caps, or protocol stats.
• The task involves restaking into the Reflect Liquidity Pool (RLP).
• The task involves reading or writing oracle price data via Doppler.
• The user needs to integrate Reflect into a dApp, backend, or DeFi protocol.
• The user is debugging a Reflect SDK or API call.

Do not use when:

• The task is generic Solana setup with no Reflect API or SDK usage.
• The task involves Pyth, Switchboard, or other oracles not built by Reflect/Blueshift.

Triggers: usdc+, usdt+, ustr+, yield stablecoin, capital efficient stablecoin, reflect money, reflect protocol, mint usdc+, redeem usdc+, lending aggregation, cross-margin rate farming, whitelabel stablecoin, branded stablecoin, proxy stablecoin, rlp, restaking reflect, reflect liquidity pool, reflect apy, reflect sdk, stable.ts, proxy.ts, oracle.ts, reflectmoney, insured stablecoin, yield on usdc, yield on usdt, reflect oracle, doppler oracle, treasury stablecoin onchain

Intent Router

Developer Quickstart

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

const connection = new Connection("https://api.mainnet-beta.solana.com");
const stablecoin = new UsdcPlusStablecoin(connection);
await stablecoin.load(connection); // REQUIRED before every session

const AMOUNT = new BN(1000 * 1_000_000);  // 1000 USDC (6 decimals)
const MIN_OUT = new BN(999 * 1_000_000);   // 0.1% slippage

const ix = await stablecoin.mint(user.publicKey, AMOUNT, MIN_OUT);
const { blockhash } = await connection.getLatestBlockhash();
const { value: lut } = await connection.getAddressLookupTable(stablecoin.lookupTable);

// ALWAYS VersionedTransaction, ALWAYS include ALT
const tx = new VersionedTransaction(
  new TransactionMessage({ instructions: ix, payerKey: user.publicKey, recentBlockhash: blockhash })
    .compileToV0Message([lut])
);
tx.sign([keypair]);
await connection.sendRawTransaction(tx.serialize(), { skipPreflight: true, maxRetries: 0 });

REST equivalent:

# Quote
curl -X POST https://prod.api.reflect.money/stablecoin/quote/mint \
  -H "Content-Type: application/json" \
  -d '{"amount": 1000000, "index": 0}'

# Mint — returns base64 VersionedTransaction, deserialise, sign, send
curl -X POST https://prod.api.reflect.money/stablecoin/mint \
  -H "Content-Type: application/json" \
  -d '{"amount": 1000000, "index": 0, "feePayer": "<pubkey>"}'

What Is Reflect Money

Reflect Money is credibly-neutral stablecoin infrastructure on Solana. It tokenizes onchain DeFi yield strategies as interest-bearing US Dollar stablecoins. Programs manage all deposits — zero human custody, zero admin keys, minted and redeemed at will with zero fees.

Circle Alliance Member — Reflect is NOT affiliated with or endorsed by Circle Inc. Entirely separate entities. Funding: $3.75M — a16z Crypto CSX, Solana Ventures, Equilibrium, Big Brain VC, Colosseum. Audit: Offside Labs, September 2025 — USD Coin Plus strategy. All findings resolved.

The Strategy — Cross-Margin Rate Farming

USDC+ and USDT+ both use the same strategy:

1. User deposits base stablecoin → Reflect program holds it in non-custodial pool.
2. Program scans Solana lending markets (Drift, Kamino, Jupiter Lend) for best rates.
3. USDC distributed automatically across venues to capture highest available interest.
4. User receives USDC+ — which natively appreciates in value in their wallet, no claiming required.
5. Convert back to USDC at any time; 1 USDC+ is always worth slightly more than 1 USDC.

Yield source: Interest paid by overcollateralised borrowers on Solana money markets.

Live and Upcoming Stablecoins

Hard rule: Only USDC+ is confirmed live by the protocol team. The SDK docs list LstStablecoin (Index 2) as “Live” — this is a known discrepancy. Confirm live stablecoins at runtime via GET /stablecoin/types.

Closed beta: Reflect is currently in closed beta. Users must be whitelisted via POST /integration/whitelist before they can transact.

SDK Packages

yarn add @reflectmoney/stable.ts    # mint/redeem stablecoins
yarn add @reflectmoney/proxy.ts     # whitelabel branded stablecoins
yarn add @reflectmoney/restaking    # RLP restaking (post-beta only)
yarn add @reflectmoney/oracle.ts    # Doppler oracle price feeds

Stablecoin SDK

Package: @reflectmoney/stable.ts

Gotchas:

• Always call .load(connection) before any operation. Never skip or cache across sessions.
• Always use VersionedTransaction (V0). Legacy transactions will fail.
• ALTs are required for all stablecoin SDK calls — pass [lut] to compileToV0Message().
• ALTs are NOT required for ReflectTokenizedBond — compileToV0Message() with no args.
• Use stablecoin.index — never hardcode the index number.
• USDC+ natively appreciates — no ReflectTokenizedBond interaction needed.
• rebalance() is permissioned — never call from integrations.
• On first mint, call initializeTokenAccounts() before minting.
• Slippage for redeem: because USDC+ has appreciated, MIN_RECEIVED should be higher than the USDC+ input amount.

Core Modules (rarely needed for basic integrations)

Reflect — general-purpose protocol setup. Not required for standard flows.

ReflectKeeper — permissioned keeper functions. Admin only, never call from integrations.

import { UsdcPlusStablecoin, ReflectKeeper } from "@reflectmoney/stable.ts";

// Admin only
const initIx     = await ReflectKeeper.initializeMain(admin);
const capIx      = await stablecoin.updateCap(admin, BigInt(1_000_000_000_000_000));
const freezeIx   = await stablecoin.freeze(admin, true, 0);
const unfreezeIx = await stablecoin.freeze(admin, false, 0);

PdaClient — PDA derivation.

import { PdaClient } from "@reflectmoney/stable.ts";

const mainPda        = await PdaClient.deriveMain();
const controllerPda  = await PdaClient.deriveController(0);  // 0 = USDC+
const permissionsPda = await PdaClient.derivePermissions(adminAddress);

Abstract Stablecoin Class

abstract class Stablecoin {
  public index: number;              // read as property, never hardcode
  public name: string;
  public connection: Connection;
  public controller: PublicKey;
  public collaterals: Collateral[];
  public stablecoinMint: PublicKey;
  public pythClient: HermesClient;
  public driftClient?: DriftClient;  // only for Drift-powered strategies

  abstract initializeTokenAccounts(owner: PublicKey, mints: PublicKey[], signer: PublicKey): Promise<TransactionInstruction[]>;
  abstract mint(signer: PublicKey, amount: BN | number, minimumReceived: BN | number, ...args: any[]): Promise<TransactionInstruction[]>;
  abstract redeem(signer: PublicKey, amount: BN | number, minimumReceived: BN | number, ...args: any[]): Promise<TransactionInstruction[]>;
  abstract rebalance(signer: PublicKey): Promise<TransactionInstruction[]>; // PERMISSIONED — never call
}

Mint

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);
await stablecoin.load(connection);

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

const ix = await stablecoin.mint(user.publicKey, AMOUNT, MIN_OUT);
const { blockhash } = await connection.getLatestBlockhash();
const { value: lut } = await connection.getAddressLookupTable(stablecoin.lookupTable);

const tx = new VersionedTransaction(
  new TransactionMessage({ instructions: ix, payerKey: user.publicKey, recentBlockhash: blockhash })
    .compileToV0Message([lut])
);
tx.sign([user]);
await connection.sendRawTransaction(tx.serialize());

Redeem

// USDC+ has appreciated — burn 999 USDC+, expect >= 1000 USDC back
const AMOUNT  = new BN(999  * Math.pow(10, 6));
const MIN_OUT = new BN(1000 * Math.pow(10, 6));

const ix = await stablecoin.redeem(user.publicKey, AMOUNT, MIN_OUT);
// Build + send VersionedTransaction identically to mint

First-Time User

const initIx = await stablecoin.initializeTokenAccounts(
  user.publicKey,
  [stablecoin.stablecoinMint],
  user.publicKey
);
// Include initIx in same tx as, or before, the first mint

ReflectTokenizedBond (future stablecoins only)

USDC+ and USDT+ natively appreciate — this is not needed for them. For future stablecoins distributing yield via receipt tokens (e.g. USDJ when live):

import { ReflectTokenizedBond, UsdjStablecoin } from "@reflectmoney/stable.ts";

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

const depositIx  = bond.deposit(user.publicKey, stablecoin.index, AMOUNT);
const withdrawIx = bond.withdraw(user.publicKey, stablecoin.index, AMOUNT);

// NO ALT — compileToV0Message() with no arguments
const tx = new VersionedTransaction(
  new TransactionMessage({ instructions: [depositIx], payerKey: user.publicKey, recentBlockhash: blockhash })
    .compileToV0Message()
);

Whitelabel SDK

Package: @reflectmoney/proxy.ts

Gotchas:

• Proxy.initialize() is one-time — creates on-chain accounts. Never call twice for the same proxy.
• Only use the constructor after on-chain proxy accounts are already initialised.
• Proxy.loadFromMint() — preferred load path, derives proxy state from branded mint.
• new Proxy({ connection, proxyStateAddress }) — alternative if you have the state address directly. Note: parameter is proxyStateAddress, not proxyAddress.
• proxy.load() — lazily loads state; call again to refresh after on-chain changes.
• claimFees() — authority only.
• Uses @solana/kit (createSolanaRpc, address) not @solana/web3.js.

Exported constants:

• USDC_PLUS_MINT — USDC+ mint address on mainnet
• USDC_PLUS_ORACLE — Oracle tracking real-time USDC+ exchange rate
• PROXY_STATE_SEED — PDA seed for proxy state derivation
• REFLECT_PROXY_PROGRAM_PROGRAM_ADDRESS — Proxy program ID

import { Proxy, USDC_PLUS_MINT, PdaClient } from "@reflectmoney/proxy.ts";
import { createSolanaRpc, address } from "@solana/kit";

const connection = createSolanaRpc("https://api.mainnet-beta.solana.com");

// --- ONE-TIME SETUP ---
const createIx = await Proxy.initialize({
  signer: myWallet,
  authority: address("AuthorityAddress"),   // optional, defaults to signer
  brandedMint: address("YourBrandedMint"),
  feeBps: 50,                                // 0.5% fee on all flows
  stablecoinMint: address(USDC_PLUS_MINT)
});

// --- LOAD BY MINT (preferred) ---
const proxy = await Proxy.loadFromMint({ connection, brandedMint: address("YourBrandedMint") });

// --- LOAD BY STATE ADDRESS ---
const proxy2 = new Proxy({ connection, proxyStateAddress: address("ProxyStateAddress") });
await proxy2.load(); // call again anytime to refresh

// --- OPERATIONS ---
const depositIx  = await proxy.deposit({ signer: myWallet, amount: 1_000_000 });
const withdrawIx = await proxy.withdraw({ signer: myWallet, amount: 1_000_000 });
const claimIx    = await proxy.claimFees(); // authority only

// --- PDA DERIVATION ---
const [proxyStateAddress, bump] = await PdaClient.deriveProxyState(address("YourBrandedMint"));

Restaking SDK

Package: @reflectmoney/restaking

Status: ⚠️ NOT AVAILABLE until Reflect exits public beta. Do not build production integrations until then.

Gotchas: Withdrawals require a cooldown period — read cooldown state before surfacing to users.

import { RLP } from "@reflectmoney/restaking";
import BN from "bn.js";

const rlp = new RLP(connection);

// Monitoring
const lockups     = await rlp.getLockups();
const byAsset     = await rlp.getLockupsByAsset(mintPublicKey);
const myDeposits  = await rlp.getDepositsByUser(myPublicKey);
const myCooldowns = await rlp.getCooldownsByUser(myPublicKey);
const byCooldown  = await rlp.getCooldownsByDeposit(new BN(0));

// PDA derivation
const settings = rlp.deriveSettings();
const lockup   = rlp.deriveLockup(new BN(0));
const asset    = rlp.deriveAsset(mintPublicKey);

// Actions (post-beta only)
const restakeIx  = rlp.restake(signer.publicKey, new BN(1000 * 1_000_000), new BN(0));
const withdrawIx = rlp.withdraw(signer.publicKey, new BN(1000 * 1_000_000), new BN(0));

Oracle SDK

Package: @reflectmoney/oracle.ts Program ID: PRicevBH6BaeaE8qmrxrwGBZ5hSZ9vjBNue5Ygot1ML Underlying: Fork of Doppler by Blueshift — 32 CUs per update (base Doppler = 21 CUs; Reflect fork adds a Clock sysvar call)

Gotchas:

• Doppler constructor requires an admin keypair — oracle writes are permissioned to the oracle creator.
• Price payloads are 8 bytes (u64). Always use createPricePayload() to encode, readPriceFromPayload() to decode.
• Always use the same U8Array8Serializer() across updateOracle and fetchOracle calls.
• Pass BigInt(Date.now()) or the current Solana slot as slot — used for staleness checks.
• Most integrators only need fetchOracle — write methods are for oracle operators.

import { Doppler, U8Array8Serializer, createPricePayload, readPriceFromPayload } from "@reflectmoney/oracle.ts";
import { Connection, Keypair, PublicKey } from "@solana/web3.js";

const connection = new Connection("https://api.mainnet-beta.solana.com");
const admin = Keypair.fromSecretKey(/* admin keypair bytes */);
const doppler = new Doppler(connection, admin);
const oraclePublicKey = new PublicKey("ORACLE_ADDRESS");

// READ (most common)
const oracleData = await doppler.fetchOracle(oraclePublicKey, new U8Array8Serializer());
if (oracleData) {
  const price = readPriceFromPayload(oracleData.payload);
  // price: 1000000n = 1.000000 USDC (6-decimal fixed point)
}

// CREATE oracle account (operators only)
const oracleAccount = await doppler.createOracleAccount(
  "my-oracle-seed",
  new U8Array8Serializer(),
  { slot: 0n, payload: createPricePayload(BigInt(1_000_000)) }
);

// UPDATE oracle (operators only)
await doppler.updateOracle(
  oraclePublicKey,
  { slot: BigInt(Date.now()), payload: createPricePayload(BigInt(1_000_000)) },
  new U8Array8Serializer()
);

REST API

Base URL: https://prod.api.reflect.money

All transaction endpoints return { "success": true, "data": { "transaction": "<base64>" } }. Deserialise with VersionedTransaction.deserialize(Buffer.from(b64, 'base64')), sign, and send.

Stablecoin Endpoints

Integration Setup

Integration Config & Management

Integration Operations

/integration/mint automatically detects if the user’s branded token account needs initializing and includes the init instruction. Set feePayer to your address to sponsor account creation costs on behalf of users.

/integration/initialize-user-account is only needed if you want to init accounts separately from minting. Otherwise /integration/mint handles it.

Integration Quote Endpoints

Integration Analytics

Stats & Events

API Key Auth

Message to sign:

• Reveal: "Reveal API key for integration {integrationId} at timestamp {timestamp}"
• Rotate: "Rotate API key for integration {integrationId} at timestamp {timestamp}"

curl -X POST https://prod.api.reflect.money/integration/api-key/reveal \
  -H "Content-Type: application/json" \
  -d '{
    "integrationId": "<integration-id>",
    "signer": "<authority-pubkey>",
    "signature": "<base58-signature>",
    "timestamp": 1704067200000
  }'

⚠️ Signatures expire after 60 seconds. Generate timestamp immediately before signing. Rotation is irreversible — old key invalidated with no recovery.

Error Handling Pattern

interface ReflectResult<T> {
  ok: boolean;
  result?: T;
  error?: { code: string | number; message: string; retryable: boolean };
}

async function reflectAction<T>(action: () => Promise<T>): Promise<ReflectResult<T>> {
  try {
    return { ok: true, result: await action() };
  } catch (err: any) {
    const code = err?.code ?? err?.status ?? "UNKNOWN";
    if (code === 429 || code === "RATE_LIMITED")
      return { ok: false, error: { code: "RATE_LIMITED", message: "Rate limited", retryable: true } };
    if (typeof code === "number" && code >= 400 && code < 500)
      return { ok: false, error: { code, message: err?.message ?? `HTTP_${code}`, retryable: code === 429 || code === 408 } };
    if (err?.code === "ECONNRESET" || err?.code === "ETIMEDOUT")
      return { ok: false, error: { code: err.code, message: "Network error", retryable: true } };
    return { ok: false, error: { code, message: err?.message ?? "UNKNOWN_ERROR", retryable: false } };
  }
}

On retryable errors: delay = min(base * 2^attempt + random(0, jitter), maxDelay).

Risk Framework

Insurance covers principal only. Yield is variable and not guaranteed. Insurance nodes attest every 450ms. Integrators must disclose variable yield to users.

USDC+ risk factors: Smart contract risks compound across all active lending venues. Withdrawal capacity depends on utilisation rates per venue. Yield fluctuates with Solana money market conditions.

Production Hardening

1. Decimals: All Reflect tokens use 6 decimal places — multiply by 1_000_000. Never use 10^9.
2. .load() every session: Call stablecoin.load(connection) before every set of operations. Never cache across sessions.
3. VersionedTransaction always: compileToV0Message() — legacy transactions fail.
4. ALTs: Required for stablecoin SDK calls via stablecoin.lookupTable. Not required for ReflectTokenizedBond.
5. Slippage guardrails: Always pass real minimumReceived. Never pass zero — exposes users to sandwich attacks.
6. Redeem slippage direction: For USDC+, MIN_RECEIVED should be greater than input USDC+ amount (token has appreciated).
7. Closed beta: All users need whitelisting via POST /integration/whitelist before transacting.
8. Timeouts: 5s for reads, 30s for transaction submission.
9. Retries: Only on transient/network/429. Never retry 4xx client errors.
10. API key signing: Generate timestamp immediately before signing — 60s expiry.
11. Proxy constructor param: proxyStateAddress (not proxyAddress).
12. User messaging: Communicate that insurance covers principal only; yield is variable.
13. Not Circle: Never describe USDC+ as a Circle product. Reflect is a Circle Alliance member only.

Integration Patterns

Pattern A — REST (Any Backend)

GET  /stablecoin/apy              → show yield
POST /stablecoin/quote/mint       → get quote
POST /stablecoin/mint             → generate tx → client signs + sends
POST /stablecoin/burn             → generate tx → client signs + sends

Pattern B — TypeScript dApp (Stablecoin SDK)

const { publicKey, signTransaction } = useWallet();
const stablecoin = new UsdcPlusStablecoin(connection);
await stablecoin.load(connection);
const ix = await stablecoin.mint(publicKey, amount, minReceived);
// Build VersionedTransaction with ALT, pass to wallet adapter to sign

Pattern C — Whitelabel Integration

1. POST /integration/upload              → upload brand image + metadata
2. POST /integration/initialize/flow     → single tx: mint + authority + integration setup
3. POST /integration/whitelist           → whitelist your users (closed beta)
4. Users: POST /integration/flow/mint   → atomic USDC → USDC+ → branded
5. Users: POST /integration/flow/redeem → atomic branded → USDC+ → USDC
6. You:   POST /integration/claim       → harvest fee revenue

Pattern D — Analytics Display

GET /stats                              → protocol TVL + volume
GET /stats/historical?days=30           → 30-day chart data
GET /integration/{id}/stats             → your integration's stats
GET /integration/{id}/stats/historical  → your integration's historical stats

Fresh Context Policy

1. Treat live documentation at docs.reflect.money as source of truth over this file.
2. If behaviour differs from expectations, fetch the relevant docs page before proceeding.
3. If docs cannot be fetched, note that context may be stale and continue with best-known guidance.
4. Known discrepancy: SDK docs list LstStablecoin (Index 2) as “Live” — per the protocol team only USDC+ is currently live. Verify at runtime via GET /stablecoin/types.
5. USDT+ and USTR+ launches will add new SDK classes and API parameters. Re-check docs before integrating.
6. Closed beta status may change — check whitelist requirements before shipping to users.

Operational References