Yes. RAI is actually one of the first stablecoins. What most people call "stablecoins" today are actually pegged coins. Pegged coins are oscillating around a specific value (usually pegged 1:1 to fiat such as USD, EUR etc).
RAI, on the other hand, is not pegged to anything. The system behind RAI only cares about the market price getting as close as possible to the redemption price. The redemption price will almost always float (thus, it won't be pegged) in order to compel system participants to bring the market price toward it.