MEXC Invests Millions in Ethena’s USDe and Labs
On February 26, MEXC crypto exchange made a significant move. It allocated $20 million to Ethena’s synthetic dollar, USDe. MEXC ventures, the investment arm of MEXC, also invested $16 million in Ethena Labs. This funding aims to boost stablecoin adoption through user incentives.
USDe is a unique stablecoin. Unlike traditional stablecoins like USDT and USDC, it offers a 9% yield to its holders. Currently, USDe has a market cap of $5.86 billion, making it the third largest stablecoin.
Ethena is not just about USDe. Its building a full ecosystem. This includes Ethereal, a spot trading platform, and Derive, an on-chain options protocol.
MEXC’s investment comes after Ethena raised $100 million. Major investors like Franklin Templeton backed this round. The funds will launch iUSDe, a regulated version of USDe, for traditional financial institutions.
Ethena also plans to develop its own blockchain. ENA, Ethena’s governance token, has seen a 7% price increase in the past 24 hours. It’s now trading at $0.44, wiht a trading volume of about $300 million.
