Synthetix launches sUSD buyback with a daily maximum limit of $1 million, aiming to restore the stablecoin anchor

Mars Finance News: Synthetix announced the launch of a daily sUSD market buyback program with a maximum limit of $1 million to address the recent situation where sUSD price dropped to $0.93. 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 has introduced multiple measures, including the Infinex rewards program and the 420 Pool's sUSD staking plan, with the latter currently offering a 72% annual yield and requiring participants to maintain a 10% sUSD staking ratio. These measures have initially stabilized the sUSD price. Synthetix emphasizes that its long-term goal is to maintain sUSD stability through natural market demand, rather than relying on incentives or buybacks. This buyback program 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.