USDsui's Buyback Is a Transfer, Not a Floor: Deconstructing Sui's Stablecoin Yield Redistribution"

"article": "The most dangerous phrase in crypto is \"on-chain buyback.\" It signals accumulation. It implies a floor. In the case of Sui's USDsui, it means neither.\n\nWhen I parsed the USDsui model materials, the opening structure looked familiar — a stablecoin floating on reserve-asset yield. Ethena did it. MakerDAO did it. Then I reached the distribution layer, and the entire schema inverted. USDsui does not pay yield to its holders. It routes reserve earnings into an SUI repurchase, then distributes those tokens to validators, DeFi protocols, and ecosystem projects. The model documentation spans thirty-five information points; I worked