# Ecosystem Participants

Orbit aims to mint **asset-backed, on-chain stablecoins for *****any***** fiat currency**—USD, EUR, MXN, INR, NGN, and beyond. That global reach unlocks:

* **Borderless commerce:** merchants settle in their home currency while customers pay in theirs.
* **Local-currency DeFi:** users in emerging markets earn on-chain yield without dollar exposure.
* **FX hedging & remittances:** traders and families move value instantly between currencies without banking friction.

Keeping this multi-currency engine running safely requires several incentive-aligned actors:

| Role                                            | What They Do                                                                                                                                                                    | Why It Matters for Multi-Currency Stablecoins                                                                              |
| ----------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------- |
| **DAO** (Decentralized Autonomous Organization) | Token-holders propose and vote on parameters—collateral ratios, interest curves, new fiat listings.                                                                             | Governance lets local communities champion the next currency they need, so Orbit grows where demand is strongest.          |
| **Treasury** (Smart Contract)                   | Mints fresh Orbit coins (oUSD, oEUR, oMXN, …) and supplies them to **Blend** lending pools. Coins start unbacked and become fully collateral-backed once borrowers lock assets. | A single, auditable minting contract keeps issuance rules identical across all currencies, preventing fragmentation.       |
| **Borrowers**                                   | Lock crypto (ETH, BTC, XLM, …) to draw the stablecoin they actually need—e.g., oKES to pay Kenyan contractors or oJPY to hedge exposure.                                        | Borrower demand transforms “unbacked” supply into fully collateral-backed units and seeds liquidity in many local markets. |
| **PegKeeper** (Smart Contract)                  | Monitors each stablecoin’s oracle price and deploys incentives (mint/burn fees, open-market ops) to reel it back to target.                                                     | Different currencies face different volatility patterns; per-currency tuning keeps every Orbit coin hugging its peg.       |
| **Liquidators**                                 | Buy under-collateralized positions at a discount, repaying the debt and seizing collateral (using PegKeeper liquidity if needed).                                               | Fast liquidations are crucial when FX rates swing and collateral values diverge across currency pools.                     |
| **Arbitrage Traders**                           | Exploit price gaps between Orbit DEX pairs, CeFi exchanges, and off-chain FX markets.                                                                                           | Profit-seeking keeps oEUR ≈ €1, oINR ≈ ₹1, etc., across every venue.                                                       |
| **Backstop Providers**                          | Deposit into each Blend pool’s Backstop Module; if liquidations lag, the module auctions these deposits to cover bad debt (providers earn fees for taking the risk).            | Backstops are siloed by currency pool, so issues in one market (say oARS) can’t spill into another (oUSD).                 |

**Bottom line:** A transparent minting Treasury, per-currency risk modules, and market incentives let Orbit deliver the first truly global suite of stablecoins—giving anyone, anywhere, digital cash in the unit of account they actually live in.