MEXC, a leading cryptocurrency exchange, announced that it has invested $16 million in Ethena and $20 million in Ethena’s synthetic dollar, USDe, as part of its efforts to accelerate the development of stablecoins.
MEXC Invests $20 Million in Ethena’s Synthetic Dollar USDe to Fuel Stablecoin Growth
According to the official statement, MEXC Ventures, the investment arm of MEXC, has also further strengthened its commitment to the project by providing Ethena with a $16 million strategic fund.
The investment comes amid growing interest in decentralized stablecoins that offer an alternative to traditional fiat-backed stablecoins such as USDT ($1.00) and USDC ($1.00).
USDe is designed to maintain stability using a combination of crypto-backed mechanisms and innovative financial strategies.
MEXC’s move is in line with the broader industry trend of expanding stablecoin adoption, particularly as synthetic dollars gain traction in decentralized finance (DeFi) applications.
The exchange did not disclose additional details on how USDe will be integrated into its ecosystem, but emphasized that the investment aims to increase liquidity and foster innovation in the stablecoin sector.
*This is not investment advice.
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