Synthetix launches daily sUSD buyback with a maximum limit of $1 million to restore stablecoin peg

Synthetix announced the launch of a daily cap of $1 million sUSD market buyback plan in response to the recent drop in sUSD price to $0.93. This plan will be conducted through open market operations, aiming to support market forces and restore the peg of sUSD to the US dollar. Previously, Synthetix had introduced several measures, including the Infinex reward program and the 420 Pool's sUSD staking plan, the latter currently offering an annual yield of 72% and requiring participants to maintain a 10% sUSD staking ratio. These measures have initially stabilized the sUSD price.
Synthetix emphasized that the long-term goal is to maintain sUSD stability through natural market demand rather than relying on incentives or buybacks. This buyback plan is seen as a temporary measure during the transition period, aimed at maintaining the protocol's reputation and supporting the stability of the DeFi ecosystem.