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Date: 2025-02-27 10:58:14
MEXC has declared a $20 million investment in Ethena's synthetic dollar, USDe, and a $16 million investment in Ethena Labs for user incentives to promote stablecoin adoption.
On February 26, MEXC, a cryptocurrency exchange, revealed that it had committed $20 million to USDe. MEXC Ventures, the investment division of MEXC, has additionally invested $16 million in Ethena (ENA). These funds will be utilized to offer user incentives related to stablecoins, such as high-APR staking opportunities and rewards.
We're pushing for #Stablecoin adoption with a $20M investment in $USDe, Ethena's synthetic dollar, and $16M in @ethena\_labs.
But that's not all – we're introducing a $1M reward pool campaign to get you involved! 🔥
Find out more and stay tuned! ▶️ pic.twitter.com/YjrZFNZq0m
Unlike traditional stablecoins like Tether (USDT) and USD coin (USDC), Ethena's USDe provides its holders with a 9% yield. At the time of writing, USDe's market capitalization is $5.86 billion, making it the third-largest stablecoin by market capitalization, following USDT and USDC.
Ethena didn't just issue USDe for yield generation; it's also building an extensive ecosystem around it, including Ethereal, a platform for spot trading, and Derive, an on-chain options protocol.
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MEXC's investment comes after Ethena recently closed a $100-million funding round, backed by major investors like Franklin Templeton. According to Bloomberg, the fundraising was done through a private sale of Ethena's governance token, ENA.
The fundraising was aimed at launching the new token, iUSDe, a regulated version of Ethena's existing synthetic dollar, intended for traditional financial institutions seeking crypto exposure without directly investing in digital assets, according to Guy Young, the founder of Ethena Labs. Reportedly, Ethena also plans to use part of the funds to develop its own blockchain.
With these recent developments, ENA's price has increased by 7% over the past 24 hours, trading at $0.44, with a trading volume of approximately $300 million, according to Coinmarketcap.
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