MEXC Ventures has significantly increased its exposure to the Ethena ecosystem, bringing its total investment and asset holdings to $66 million.
The latest move involves a $14 million purchase of ENA, Ethena’s governance token, adding to previous investments this year:
- A prior $16 million purchase of ENA.
- A $20 million acquisition of USDe, Ethena’s synthetic stablecoin.
This aggressive investment is driven by Ethena’s rapid growth. USDe, which is designed to maintain its dollar peg using a combination of collateralized stablecoins and futures contracts (rather than traditional reserves), has seen its market capitalization skyrocket. Its market cap has nearly tripled since early July, surging from approximately $5.3 billion to its current $14.65 billion.
Despite this growth, traditional stablecoins remain the dominant force, with the market leader, USDT, maintaining a massive $174.7 billion market capitalization.
Leo Zhao, Investment Director of MEXC Ventures, emphasized their active role, stating, “We view our role as ecosystem builders rather than passive investors.” This strategy aligns with MEXC Ventures’ overall track record, as the firm has already invested over $100 million across 40 projects, offering “enhanced empowerment support” to seven of them.
October 2025, Cryptoniteuae
