The Mexc Ventures doubled its investment in the Ethena ecosystem, which brings total exposure to $ 66 million, according to a press release shared with CoinDesk.
The latest move includes $ 14 million investment in the ETA, the Ethhena protocol management token, Building on a $ 16 million ENA purchase and $ 20 million USDE hiring earlier this year.
The USDE is a synthetic stablecoin designed to monitor the dollar cost without holding a traditional reserve. Instead, it uses a combination of collateralized stablecoins and futures contracts.
Stablecoin’s capital capital has been nearly three times since early July from around $ 5.3 billion to date at $ 14.65 billion. Traditional stablecoins supported by cash and cash equals, including US treasurys, remain dominant, with the USDT leader with $ 174.7 billion market capitalization.
Mexc Ventures, says the press release, has invested more than $ 100 million out of 40 investment projects. It provided “improved empowerment support” on seven projects.
“We look at our role as ecosystem builders rather than passive investors,” said Leo Zhao, Director of Investment of Mexc Ventures.
