What is Orange Dollar?
Orange Dollar (OD) is a Bitcoin-native algorithmic stablecoin running on OPNet, a smart contract platform built directly on Bitcoin Layer 1.
OD is pegged to $1 USD and backed by WBTC (Wrapped Bitcoin) held in an on-chain reserve. The protocol uses the Minimal Djed algorithm — a formally verified stablecoin design by IOHK — to maintain its peg through overcollateralisation and algorithmic pricing.
Two Tokens, One System
| Token | Role | Think of it as... |
|---|---|---|
| OD (Orange Dollar) | Stablecoin, pegged to $1 | A dollar bill backed by Bitcoin |
| ORC (Orange Reserve Coin) | Equity token, absorbs volatility | A share in the Bitcoin reserve |
OD holders get price stability. Mint OD by depositing WBTC; burn OD to redeem WBTC. The price is always determined by the on-chain TWAP oracle.
ORC holders absorb the Bitcoin price risk in exchange for earning protocol fees. Every mint and burn operation charges a 1.5% fee that stays in the reserve, increasing the equity that ORC represents.
Key Properties
- Overcollateralised: The reserve always holds 4–8x the value of outstanding OD
- Fully on-chain: No off-chain oracles, no custodians, no trusted third parties
- Bitcoin-native: Settles directly on Bitcoin L1 via OPNet
- Post-quantum secure: Governance uses ML-DSA threshold signatures (PERMAFROST)