The Ring Trap-1 (RT-1) is a novel plasma device designed to explore various effects of plasma flow in the most universal and fundamental magnetosphere-like configuration. A super-conducting ring magnet, levitated in the vacuum chamber, produces a dipole magnetic field that traps high-temperature plasma. Plasma is produced by electron cyclotron heating using an 8.2GHz microwave. The mechanism of plasma confinement is based on the theory of high-beta equilibrium that is self-organized in a flowing plasma. Realization of such a configuration in a laboratory system, which is known to exist in some astronomical systems, may open a way to the advanced-fuel fusion. Analyses of the equilibrium and stability pose interesting theoretical and experimental challenges.