- MEXC Ventures increased its total investment in the Ethena ecosystem to $66 million.
- The company recently added $14 million to its holdings of ENA, the governance token of Ethena.
- Previous investments include a $16 million purchase of ENA and a $20 million acquisition of USDe earlier this year.
- The USDe synthetic stablecoin’s market capitalization grew from $5.3 billion to $14.65 billion since early July.
- MEXC Ventures has invested over $100 million across 40 projects and offers support beyond financing, according to an official statement.
MEXC Ventures has expanded its commitments to the Ethena ecosystem, bringing its total investment in the platform to $66 million. According to a press release provided to CoinDesk, the most recent development includes an additional $14 million investment in ENA, the governance token that allows holders to participate in the Ethena protocol’s decision-making.
Earlier this year, MEXC Ventures made a $16 million ENA purchase and acquired $20 million in USDe, the synthetic stablecoin built by Ethena. USDe is structured to track the value of the U.S. dollar without holding cash reserves. Instead, it uses a mix of existing stablecoins and derivative contracts to maintain its value.
The market capitalization for USDe has almost tripled in recent months, rising from about $5.3 billion in early July to $14.65 billion. However, traditional stablecoins that are backed by dollars or government securities like U.S. Treasurys continue to dominate the market, with leading stablecoin USDT holding a market cap of $174.7 billion.
MEXC Ventures stated that it has invested more than $100 million in 40 projects in total. Seven of these projects have received what the company described as “enhanced empowerment support,” which includes resources and strategic guidance in addition to capital. Investment Director Leo Zhao said, “We view our role as ecosystem builders rather than passive investors.”
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