No, it's not a "regram" option.
When you come across something in feed that inspires you - like a post from a friend raising money for a cause or a photo of a new design from your favorite brand - you can now quickly share that post as a sticker to your story for your friends and followers to see. We asked Instagram if users will be able to add posts from their own Feeds to their Stories, which isn't completely clear, but that would seem logical. To do so, you tap the paper airplane icon underneath the image and choose to share it as a sticker in your Story. The new re-sharing option now gives users a third way to get their friends' attention.
Instagram will also let you rotate, resize and move the sticker around before posting it to your story. There's also an option to opt out of the feature if you don't want other people to share your posts in their Instagram stories.
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The original poster's name will always appear on the Story post, and will link to their Instagram page.
That potential source of traffic may encourage some Instagram users to create posts specifically designed for this new sharing format, given it could increase their account's exposure to a wider audience. To do so, tap the Share button and select "Create a story with this post". That would give Stories more prominence on the network - though not everyone is thrilled with their takeover.
The feature will be rolling out on Android today, with an update to the iOS app coming next week.