Mexc Ventures has doubled on its investment in the ETA ecosystem, bringing its total exposure to $ 66 million, according to a press release shared with Coindesk.
The latest step includes an investment of $ 14 million in ENA, Governance Token of Ethena Protocol, which is based on a $ 16 million ENA purchase and $ 20 million acquisition of USDE made earlier this year.
Usde is a synthetic stableecoin designed to track the value of the dollar without holding traditional reserves. Instead, it uses a combination of safety -provided stableecoins and futures contracts.
Stableecoin’s market value has almost tripled since the beginning of July from around $ 5.3 billion until now at $ 14.65 billion. Traditional stableecoins, supported by cash and cash equivalents, including US Treasurys, remain dominant, with the manager USDT having a market value of $ 174.7 billion.
Mexc Ventures, says the press release, has already invested over $ 100 million in 40 investment projects. It has provided “improved empowerment support” for seven projects.
“We consider our role as ecosystem builders rather than passive investors,” said Leo Zhao, Investment Director of Mexc Ventures.
