Mexc Ventures, Crypto Exchange Mexc’s investment arm, is investing a total of $ 36 million in Ethena and its USDE stablecoin, according to a press release.
The firm is making a strategic investment of $ 16 million in Ethena and bought $ 20 million in USDE Stablecoin to expand the adoption of synthetic dollars in decentralized finances (DEFI) and offer an alternative to the stable backed by Fiat, according to the statement.
The measure is produced after Ethena, the USDE developer, raised $ 100 million last year, which was backed by Franklin Templeton and Fidelity Investments, F-First Capital, among others.
Known as a synthetic stable, the USDE is different from the traditional stable such as the USDT and the USDC in which 1: 1 is not backed by Fiat assets. Instead, it maintains its PEG collateralizing the stable and taking futures positions with great open interest.
The USDE market capitalization has increased to almost $ 6 billion, while the most traditional stable have market ceilings exceeding $ 50 billion, according to Coinmarketcap data. Total market capitalization for Stablecoins is currently above $ 200 billion.
Mexc’s support occurs when competition in the Stablecoin market intensifies, with projects that seek innovative models to guarantee stability and accessibility.
“As the investment demand in Bitcoin and other digital assets continues to increase, Stablecoins is ready to attract an even greater investment,” said Tracy Jin, director of Operations of Mexc.
“Mexc sees Ethena as a key player in the development of various stable that will boost the cryptographic industry, supporting a broader adoption and providing users with more stable and efficient financial solutions.”
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