Synthetix launches sUSD buyback program with a daily maximum limit of $1 million
according to official sources, Synthetix has announced the launch of a daily maximum limit of $1 million sUSD market buyback program to address the recent drop in sUSD price to $0.93. The program will be conducted through open market operations, aiming to support market forces and restore the anchoring of sUSD to the US dollar. Previously, Synthetix has implemented several measures, including the Infinex reward program and the sUSD pledge plan for the 420 Pool, which currently has an annualized yield of 72% and requires participants to maintain a 10% sUSD pledge ratio. These measures have helped stabilize the sUSD price.
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