Asymmetry Finance, in collaboration with Ampleforth (CRYPTO:AMPL) and Paid Network (CRYPTO:PAID), has introduced afUSD, a new algorithmic stablecoin aimed at competing with Ethena’s USDe (CRYPTO:USDE).

Built on Ampleforth’s supply adjustment mechanism, afUSD adjusts its token supply dynamically to maintain price stability, avoiding dependency on external oracles.

Asymmetry asserts that afUSD offers enhanced security and scalability compared to existing products, emphasising its fully onchain nature and decentralised framework.

The initiative marks a bid to capture a share of the global stablecoin market amid growing demand for reliable digital representations of fiat currencies like the U.S. dollar.