Synthetix launches a daily sUSD buyback program with a maximum limit of 1 million USD, aiming to restore the stablecoin peg.

Odaily Planet Daily reports that Synthetix has announced the launch of a daily $sUSD market buyback program with a maximum limit of 1 million USD per day. This initiative responds to the recent drop in the $sUSD price to 0.93 USD. The program will be conducted through open market operations, aiming to support market forces and restore the peg between $sUSD and the US dollar. Previously, Synthetix implemented several measures, including the Infinex reward campaign and the 420 Pool $sUSD staking plan, the latter currently offering an annualized yield of 72% and requiring participants to maintain a 10% $sUSD staking ratio. These measures have initially stabilized the $sUSD price.

Synthetix emphasizes that the long-term goal is to maintain $sUSD stability through natural market demand rather than relying on incentives or buybacks. This buyback program is regarded as a temporary measure during the transition period, intended to protect the protocol's reputation and support the stability of the $DeFi ecosystem.