Mexc Ventures, the Crypto Exchange Mexc investure, invests a total of $ 36 million in ethena and its USDE stablecoin, according to a press release.
The company makes a strategic investment of $ 16 million in Ethena and bought $ 20 million in USDE StableCOin to extend the adoption of synthetic dollars in decentralized funding (DEFI) and offer an alternative to Fiat-backed stableecoins, the statement states.
The move comes after Ethena, the developer of USDE, raised $ 100 million last year, which was supported by the Franklin Templeton and Fidelity Investment-associated F-Prime Capital, among others.
Usd is known as a synthetic stableecoin and, unlike traditional stableecoins such as USDT and USDC, is not supported 1: 1 of FIAT assets. Instead, it maintains its stick by the collateral of stableecoins and taking futures positions with great open interest.
USDE’s market capital has risen to nearly $ 6 billion, while more traditional stablecoins currently have market sheaths over $ 50 billion, according to CoinMarketcap data. The total market capital for stablecoins is currently over $ 200 billion.
Mexc’s support comes as competition in the stablecoin market intensifies, with projects seeking innovative models to ensure stability and accessibility.
“As the demand for investing in Bitcoin and other digital assets continues to rise, stablecoins are set to attract even greater investment,” said Tracy Jin, COO of Mexc.
“Mexc sees ethena as a key player in the development of various stableecoins that will lead the crypto industry forward, support wider adoption and give users more stable and efficient financial solutions.”
Read more: StableCOin Market Cap tops $ 200B as the US sees industry help maintain dollar -dominance
