Crypto exchange MEXC is throwing some serious weight behind Ethena’s synthetic dollar, USDe, announcing a $20 million allocation to the stablecoin on February 26. On top of that, MEXC Ventures—the exchange’s investment arm—is dropping $16 million into Ethena Labs to juice up user incentives, like high-APR staking events, all aimed at turbocharging stablecoin adoption.
We're driving #Stablecoin adoption with a $20M investment in $USDe, #Ethena's synthetic dollar, and $16M in @ethena_labs.
And that's not all – we're launching a $1M reward pool campaign to get you involved!
Read to learn more and stay tuned!
https://t.co/TBdrwT6VDD pic.twitter.com/YjrZFNZq0m
— MEXC (@MEXC_Official) February 26, 2025
USDe isn’t your average stablecoin. Unlike heavyweights Tether (USDT) or USD Coin (USDC), Ethena’s offering dangles a tasty 9% yield for holders. Right now, it’s sitting pretty with a $5.86 billion market cap, making it the third-biggest stablecoin out there, trailing only the big two. But Ethena’s not stopping at yield—they’re building a whole ecosystem around it, with Ethereal for spot trading and Derive for on-chain options, giving USDe some real legs.
This cash splash comes hot on the heels of Ethena’s $100 million funding round, which roped in big names like Franklin Templeton. Bloomberg says that haul came from a private sale of Ethena’s governance token, ENA, to bankroll iUSDe—a new, regulated twist on their synthetic dollar. Guy Young, Ethena’s founder, says iUSDe’s built for traditional finance types who want crypto perks without diving straight into the digital deep end. Word is, some of that cash will also fuel Ethena’s dream of spinning up its own blockchain.
The market’s feeling the buzz—ENA’s up 7% in the last 24 hours, trading at $0.44 with a solid $300 million in volume, per CoinMarketCap. With MEXC’s $36 million bet, Ethena’s got fresh firepower to push USDe and its ecosystem further into the spotlight.
