MEXC Ventures Raises Ethena Investment to $66M

MEXC Ventures has doubled down on its investment in the Ethena ecosystem, bringing its total exposure to $66 million, according to a press release shared with CoinDesk.
The latest move includes a $14 million investment in ENA, the governance token of the Ethena protocol, building on a $16 million ENA purchase and $20 million acquisition of USDe made earlier this year.
USDe is a synthetic stablecoin designed to track the value of the dollar without holding traditional reserves. Instead, it uses a combination of collateralized stablecoins and futures contracts.
The stablecoin’s market capitalization has nearly tripled since early July from around $5.3 billion to now stand at $14.65 billion. Traditional stablecoins backed by cash and cash equivalents, including U.S. Treasurys, remain dominant, with the leader USDT having a $174.7 billion market capitalization.
MEXC Ventures, the press release says, has already invested over $100 million in 40 investment projects. It has provided “enhanced empowerment support” to seven projects.