Mexc Ventures invests $ 36m in the USDA of Etherna while Stablecoin’s demand continues to move forward
Mexc Ventures, Crypto Exchange Investment arm, is investing a total of $ 36 million in Etherna and the USDE Stablecoin, According to a press release.
The firm is making a strategic investment of $ 16 million in Ethena and bought $ 20 million in USDE Stablecoin to expand the adoption of synthetic dollars to decentralized financial (DEFI) and offers an alternative to fiat-back stablecoins, the statement said.
The move will come after Etherna, the USDE developer, Raised $ 100 million last yearSupported by Franklin Templeton and Fidelity Investments-Included F-Prime Capital, among others.
Known as a synthetic stablecoin, USDE does not like traditional stablecoins such as the USDT and USDC that it has not been back 1: 1 of fiat assets. Instead, it maintains its peg by collateralizing stablecoins and takes positions in futures with large open interest.
The USDE market cap has increased to nearly $ 6 billion, while more traditional stablecoins currently have market covers above $ 50 billion, according to CoinMarketCap data. The total market cap for Stablecoins is currently more than $ 200 billion.
The mexc backbone came as competition in the Stablecoin market intensified, with projects looking for innovative models to ensure stability and access.
“While the demand for investment in Bitcoin and other digital assets continues to increase, Stablecoins are set to attract bigger investments,” said Tracy Jin, COO of MexC.
“Mexc sees Etha as a major player in developing diverse stablecoins that will bring to the crypto industry, which supports greater adoption and providing users of more stable and efficient financial solutions.”
