Mexc Ventures, the Investment Branch of Crypto Exchange Mexc, invests a total of $ 36 million in Ethena and its Stablecoin Usde, according to a press release.
The company makes a strategic investment of $ 16 million in Ethena and bought $ 20 million in Stablecoin USDE to extend the adoption of synthetic dollars in decentralized finance (DEFI) and offer an alternative to staboins to support Fiat, according to the press release.
This decision comes after Ethena, the USDE developer, raised $ 100 million last year, who was supported by Franklin Templeton and Fidelity Investments-Affiliated Sourd Capital, among others.
Known as synthetic stablecoin, the USDE is different from traditional stages like USDT and USDC in that it is not supported 1: 1 by Fiat assets. Instead, he maintains his ankle by guaranteeing the stabbed and taking positions in the long term with great open interest.
The USDE market capitalization increased to nearly $ 6 billion, while more traditional stalls currently have stock market capitalizations over 50 billion dollars, according to CoinmarketCap data. The total market capitalization of Stablecoins is currently more than $ 200 billion.
Mexc’s support comes as competition on the Stablescoin market is intensifying, projects seeking innovative models to ensure stability and accessibility.
“While investment demand in Bitcoin and other digital assets continues to increase, stablecoins should attract even greater investments,” said Tracy Jin, COO of Mexc.
“Mexc considers Ethena as a key player in the development of various floors that will advance the cryptography industry, supporting a wider adoption and offering users more stable and effective financial solutions.”
Find out more: Stablecoin’s market capitalization exceeds $ 200 billion as the United States sees industry helping maintain the domination of the dollar
