MEXC Ventures Raises Ethena Investment to $66M

The new investment builds on previous purchases of ENA and USDe, its synthetic stablecoin that tracks the value of the dollar without traditional reserves.

Oct 1, 2025, 3:00 a.m.

MEXC Ventures has doubled down on its investment in the Ethena ecosystem, bringing its total exposure to $66 million, according to a press release shared with CoinDesk.

The latest move includes a $14 million investment in ENA, the governance token of the Ethena protocol, building on a $16 million ENA purchase and $20 million acquisition of USDe made earlier this year.

USDe is a synthetic stablecoin designed to track the value of the dollar without holding traditional reserves. Instead, it uses a combination of collateralized stablecoins and futures contracts.

The stablecoin’s market capitalization has nearly tripled since early July from around $5.3 billion to now stand at $14.65 billion. Traditional stablecoins backed by cash and cash equivalents, including U.S. Treasurys, remain dominant, with the leader USDT having a $174.7 billion market capitalization.

MEXC Ventures, the press release says, has already invested over $100 million in 40 investment projects. It has provided “enhanced empowerment support” to seven projects.

"We view our role as ecosystem builders rather than passive investors,” Leo Zhao, Investment Director of MEXC Ventures, said.

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