5 hours ago
MEXC Ventures, the concern limb of crypto speech MEXC, is investing a full of $36 cardinal into Ethena and its USDe stablecoin, according to a property release.
The steadfast is making a strategical concern of $16 cardinal successful Ethena and bought $20 cardinal successful USDe stablecoin to grow the adoption of synthetic dollars successful decentralized concern (DeFi) and connection an alternate to fiat-backed stablecoins, the connection said.
The determination comes aft Ethena, the developer of USDe, raised $100 cardinal past year, which was backed by Franklin Templeton and Fidelity Investments-affiliated F-Prime Capital, among others.
Known arsenic a synthetic stablecoin, USDe is dissimilar accepted stablecoins similar USDT and USDC successful that it is not backed 1:1 by fiat assets. Instead, it maintains its peg by collateralizing stablecoins and taking futures positions with ample unfastened interest.
USDe's marketplace headdress has risen to astir $6 billion, portion much accepted stablecoins presently person marketplace caps supra $50 billion, according to CoinMarketCap data. The full marketplace headdress for stablecoins is presently supra $200 billion.
MEXC’s backing comes arsenic contention successful the stablecoin marketplace intensifies, with projects seeking innovative models to guarantee stableness and accessibility.
"As request for concern successful bitcoin and different integer assets continues to rise, stablecoins are acceptable to pull adjacent greater investment," said Tracy Jin, COO of MEXC.
"MEXC sees Ethena arsenic a cardinal subordinate successful the improvement of divers stablecoins that volition thrust the crypto manufacture forward, supporting broader adoption and providing users with much unchangeable and businesslike fiscal solutions."
Read more: Stablecoin Market Cap Tops $200B arsenic U.S. Sees Industry Helping Maintain Dollar Dominance
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