MEXC Ventures, the investment arm of crypto exchange MEXC, has invested $36 million in Ethena and its USDe stablecoin. The investment includes $16 million in Ethena and $20 million in USDe to expand the adoption of synthetic dollars in decentralized finance (DeFi) and provide an alternative to fiat-backed stablecoins. USDe, a synthetic stablecoin, is different from traditional stablecoins as it is not backed 1:1 by fiat assets, instead collateralizing stablecoins and taking futures positions. USDe's market cap has reached nearly $6 billion, while more traditional stablecoins have market caps above $50 billion. MEXC's backing comes as competition in the stablecoin market increases, with different projects exploring innovative models for stability and accessibility.



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