> For the complete documentation index, see [llms.txt](https://docs.btcd.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.btcd.fi/readme.md).

# Executive Summary

Welcome to your team’s developer platform

## Executive Summary

<figure><img src="https://1304119658-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FnIdk11PalG0VB24i5MDQ%2Fuploads%2Ff3AXXTjUKFs3EjOPJe4h%2FBTCD%20Logo.png?alt=media&amp;token=8e57266f-8df4-4839-96de-7229dc537804" alt=""><figcaption></figcaption></figure>

### What is Bitcoin Dollar?

Bitcoin Dollar is a collateralized token whose peg tracks a continuous 50/50 BTC/USD portfolio. Where Ethena democratized access to delta-neutral dollar yield strategies through USDe and sUSDe, Bitcoin Dollar democratizes access to the yield opportunities unique to a balanced BTC/USD mandate — including yields derived from volatility monetization, overcollateralized lending, and AMM liquidity provisioning.

The protocol is composed of three tokens that mirror a model the market already understands:

* **BTCD** — the base token. Pegged to a continuous 50/50 BTC/USD portfolio. Instantly redeemable through the protocol for USDC.
* **sBTCD** — the yield-bearing staked version of BTCD.
* **FISC** — the governance token of the protocol.

### The Mental Model

If you understand Ethena, you already understand the shape of Bitcoin Dollar:

| Ethena | Bitcoin Dollar | Role                         |
| ------ | -------------- | ---------------------------- |
| USDe   | BTCD           | Base collateralized token    |
| sUSDe  | sBTCD          | Yield-bearing staked version |
| ENA    | FISC           | Governance token             |

### Quick Start

The key difference is the peg target. USDe targets $1. BTCD targets a portfolio that is always approximately 50% BTC and 50% USD — meaning the BTCD peg moves with BTC price, but with roughly half the volatility of holding BTC outright.

* Mint BTCD: deposit USDC into the protocol; receive BTCD at the current peg.
* Stake BTCD: deposit BTCD into the staking contract; receive sBTCD. sBTCD appreciates relative to BTCD as each sBTCD represents more BTCD.
* Unstake sBTCD: redeem sBTCD for the underlying BTCD.
* Use the USD Vault: deposit a USD stablecoin; earn USD-denominated yield with no BTC exposure.
* Use the BTC Vault: deposit BTC; earn BTC-denominated yield while maintaining BTC exposure.

**Bitcoin Dollar introduces several concepts that the rest of these docs depend on. Read the following sections first.**&#x20;

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