MEXC introduced a $20 million allocation to Ethena’s artificial greenback USDe and a $16 million in Ethena Labs to fund person incentives to drive stablecoin adoption.
On Feb. 26, MEXC crypto trade introduced that it had allotted $20 million to USDe. Moreover, MEXC Ventures, the funding department of MEXC, has invested $16 million into Ethena (ENA) for use for user-focused stablecoin-related incentives for customers, together with alternatives to earn rewards in high-APR staking occasions.
We’re driving #Stablecoin adoption with a $20M funding in $USDe, #Ethena’s artificial greenback, and $16M in @ethena_labs.
And that is not all – we’re launching a $1M reward pool marketing campaign to get you concerned! 🔥
Learn to study extra and keep tuned! ▶️https://t.co/TBdrwT6VDD pic.twitter.com/YjrZFNZq0m
— MEXC (@MEXC_Official) February 26, 2025
Ethena’s USDe is classed as a stablecoin, however it differs from basic stablecoins like Tether (USDT) and USD coin (USDC) in that it provides its holders a 9% yield. As of the time of writing, USDe’s market capitalization is $5.86 billion, which makes it the the third largest stablecoin by marketcap, after USDT and USDC.
Ethena didn’t simply challenge USDe for yield era. It’s additionally constructing a complete ecosystem to assist it, together with Ethereal, a platform for spot buying and selling, and Derive, a protocol for on-chain choices.
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MEXC’s funding follows Ethena’s current closing of a $100-million funding spherical, which had seen backing from main buyers like Franklin Templeton. In line with Bloomberg, this fundraising was carried out via a personal sale of Ethena’s governance token ENA.
The fundraising effort was for the launch of the brand new token, iUSDe. iUSDe can be a regulated model of Ethena’s present artificial greenback, tailor-made for conventional monetary establishments in search of crypto publicity with out straight investing in digital property, in response to Man Younger, the founding father of Ethena Labs. Reportedly, Ethena additionally intends to make use of a part of the funds to assist the event of its personal blockchain.
Buoyed by these developments, ENA worth is up by 7% over the previous 24 hours, buying and selling at $0.44, with the buying and selling quantity of roughly $300 million, in response to Coinmarketcap.
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