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1h ago

MEXC Ventures Lifts Ethena Exposure to $66 Million

The move reflects an exchange-led strategy to pair capital with operational support for Ethena’s synthetic dollar model.

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Mexc expands ethena bet to $66 million amid record $45 billion stablecoin inflows

Overview

  • MEXC said its latest step includes a $14 million ENA purchase, on top of $16 million in ENA and $20 million in USDe acquired earlier this year.
  • Crypto.news reported the new ENA allocation as $30 million while still citing the same $66 million total, creating a discrepancy with the press release.
  • USDe’s market cap stands around $14.65 billion after rising from roughly $5.3 billion in early July, with reports citing more than $660 million in fees over the prior year.
  • The announcement follows a series of institutional commitments to Ethena, including a $530 million round led by StablecoinX and a $20 million ENA buy by M2 Capital.
  • MEXC Ventures says it has invested over $100 million across 40 projects, with investment director Leo Zhao casting the firm as an ecosystem builder rather than a passive investor.