On May 17, Synthetix announced the launch of an sUSD market buyback program, setting a maximum daily buyback limit of 1 million USD to address the recent drop in sUSD price to 0.93 USD. This program supports market forces through open market operations, aiming to restore the peg between sUSD and the US dollar. Previously, Synthetix had implemented several measures, including the Infinex reward campaign and the 420 Pool sUSD staking program, the latter offering an annualized yield of 72% and requiring participants to maintain a 10% sUSD staking ratio. These measures have preliminarily stabilized the sUSD price.

SUSD

PANews reported on May 17 that Synthetix officially announced the launch of a sUSD market repurchase plan with a daily maximum limit of $1 million to cope with the recent drop in sUSD prices to $0.93. The plan will be carried out through open market operations to support market forces and restore the peg between sUSD and the US dollar. Previously, Synthetix has launched a number of measures, including the Infinex reward event and the 420 Pool sUSD staking plan, the latter of which currently has an annualized yield of 72% and requires participants to maintain a 10% sUSD staking ratio. These measures have initially stabilized the sUSD price.

Synthetix launches a daily sUSD buyback program of up to 1 million USD to stabilize prices