Finance, Stablecoin, Ethena, Usde, Mexc world The funding goals to spice up stablecoin adoption and crypto accessibility. 

MEXC Ventures, the funding arm of crypto change MEXC, is investing a complete of $36 million into Ethena and its USDe stablecoin, according to a press release.

The agency is making a strategic funding of $16 million in Ethena and purchased $20 million in USDe stablecoin to broaden the adoption of artificial {dollars} in decentralized finance (DeFi) and provide a substitute for fiat-backed stablecoins, the assertion mentioned.

The transfer comes after Ethena, the developer of USDe, raised $100 million last year, which was backed by Franklin Templeton and Fidelity Investments-affiliated F-Prime Capital, amongst others.

Known as an artificial stablecoin, USDe is not like conventional stablecoins like USDT and USDC in that it’s not backed 1:1 by fiat belongings. Instead, it maintains its peg by collateralizing stablecoins and taking futures positions with massive open curiosity.

USDe’s market cap has risen to just about $6 billion, whereas extra conventional stablecoins at present have market caps above $50 billion, in accordance with CoinMarketCap information. The complete market cap for stablecoins is at present above $200 billion.

MEXC’s backing comes as competitors within the stablecoin market intensifies, with initiatives looking for modern fashions to make sure stability and accessibility.

“As demand for investment in bitcoin and other digital assets continues to rise, stablecoins are set to attract even greater investment,” mentioned Tracy Jin, COO of MEXC.

“MEXC sees Ethena as a key player in the development of diverse stablecoins that will drive the crypto industry forward, supporting broader adoption and providing users with more stable and efficient financial solutions.”

Read extra: Stablecoin Market Cap Tops $200B as U.S. Sees Industry Helping Maintain Dollar Dominance

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