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## MEXC Pours $36 Million into Ethena to Stimulate USDe Acceptance and Grow Environment
MEXC exchange is executing a significant action, allocating $20 million for Ethena’s artificial dollar, USDe, and contributing an additional $16 million to Ethena Labs. This investment seeks to power user motivation schemes, promoting broader usage of the stablecoin.
In a declaration made on February 26, MEXC disclosed its $20 million pledge to USDe. Additionally, MEXC Ventures, the exchange’s investment division, is infusing $16 million into Ethena (ENA) to propel user-centric campaigns surrounding the stablecoin. Consider possibilities to gain incentives through high-APR staking occasions! TruBit Collaborates with Morpho to Introduce DeFi Unearned Revenue in Latin America
Ethena’s USDe is categorized as a stablecoin, but it’s not your average one. In contrast to foundations like Tether (USDT) and USD Coin (USDC), USDe provides a profitable 9% return to its owners. Presently, USDe possesses a market capitalization of $5.86 billion, making it the third-biggest stablecoin after USDT and USDC.
However, Ethena isn’t solely about USDe and its yield-producing abilities. They’re constructing an entire environment around it, including the Ethereal platform for spot trading and the Derive protocol for on-chain options.
This investment from MEXC arrives shortly after Ethena’s recent $100 million funding round, which observed backing from major participants like Franklin Templeton. According to Bloomberg, the funding was guaranteed through a private placement of Ethena’s governance token, ENA.
The funding is planned to introduce a new token, iUSDe. Ethena Labs founder Guy Young states iUSDe will be a governed version of Ethena’s existing artificial dollar, customized for traditional financial organizations seeking crypto exposure without directly investing in digital assets. Ethena also reportedly intends to utilize some of the funds to support the advancement of its own blockchain.
Driven by these growths, the price of ENA has surged 7% in the past 24 hours, trading at $0.
According to Coinmarketcap’s figures, the price of this digital currency is about $300 million, and its market capitalization is $44 million. Not a bad result for a digital resource in the volatile cryptocurrency environment!
