MEXC Ventures has expanded its position in Ethena to $66 million through separate acquisitions of the governance token ENA and the synthetic stablecoin USDe. The exchange operator frames the spending as support for DeFi rails that serve traders, asset managers and liquidity sources. The deal positions MEXC as an active participant in the protocol, not a silent holder, according to reports.
Public statements show MEXC added $14 million in ENA after an earlier $16 million tranche and bought $20 million of USDe, lifting the total to $66 million. Leo Zhao, Investment Director at MEXC Ventures, told reporters: “We view our role as ecosystem builders rather than passive investors.”
MEXC Ventures Invests $36 Million in Ethena & USDE
Ethena, started by Guy Young in 2023, issues USDe as a dollar proxy. The token holds its peg through delta-hedged positions in stablecoins and futures, aiming to keep net exposure neutral to price swings in underlying assets.
The investment arrives as Ethena expands product integrations and market reach, linking with the options platform Derive, listing tsUSDe on TON and running user reward schemes. Arthur Hayes supplied $1.5 million in tokens, sources note. Ethena also tests iUSDe for off-chain buyers and savings bots inside Telegram.
The deal carries operational as well as regulatory weight, shaping liquidity, risk management and compliance demands across centralized venues and on-chain markets.
Tranches sum to $66 million, MEXC acts as an active participant, USDe relies on delta-hedging, and Germany bars retail sales.
Ethena now holds more cash or market reach, yet future use will hinge on whether the hedge holds under stress and whether regulators in Germany and similar markets allow the product to stay on sale.
