Most stablecoins have administrators: a team, a governance token, a multisig that can pause the contracts, swap an oracle, or change a collateral parameter. A certain lineage of stablecoins has rejected that design, instead choosing to deploy code that can't be changed and stablecoins that can't be frozen or censored. RAI Dollar (RD) is the newest of these immutable stablecoins, and it fixes specific gaps the earlier ones left open. To understand the gaps, let's start with the previous ungoverned CDP stablecoins.