🧩 Crypto firm Fragments launches stablecoin following ‘Ampleforth’ rebrand

Fragments Protocol has rebranded the project to Ampleforth as it launches its new dynamic stablecoin. Unlike more recent stablecoins that rely on fiat deposits to back the token and hold the peg to, in most cases, one U.S. dollar, Ampleforth will use an elastic system based on supply and demand. As the price of the underlying asset, an Ample, increases users will see their Ample holdings increase. Likewise, as the price declines users will have more Amples in an attempt to create an equilibrium price that pegs to the dollar. The project has raised $4.75 million from backers like Pantera Capital and Brian Armstrong.