The TORO is currently the only token on the network. The TORO is initially pegged to the TORO but is determined based on market forces.
TOROs are created when nodes stake fiat in external reserves of the network.
TOROs can be freely converted to any fiat or fiat stablecoin that is supported on the network. The conversion rates of fiat to TOROs are set by oractles that track real world exchange rates.
However, even though the TORO is the primary toekn of the network, there are several derivates of the TORO that are designed to facilitate trust in transactions and contracts accross the network. An example is the TOROL. The TOROL are a loan derivative of TOROs but which can only be "cashed" or converted to TOROs by specific roles on the network. For instance, if a loan originator wishes to provide a loan to a recipient on the network on the condition that they utilize this loan to purchase a smart phone intended as a work tool, the loan originator could stake TOROs in exchange for the same equivalent in TOROL in a smart contract that encodes within the derivative token conditions that only a merchant designated as a phone merchant on the network can exchange the TOROL for TOROS. Derivative TOROs cannot be converted to stablecoins or fiat thus ensuring that they are utilized according to the contract establishing the tokens.