MEXC Ventures, the investment arm of crypto exchange MEXC, has increased its total exposure to the Ethena ecosystem to $66 million, making it one of the protocol’s largest institutional backers.

According to an exclusive shared with Bitcoin.com News, the latest move includes a $14 million expansion in ENA, Ethena’s governance token, lifting MEXC’s total ENA holdings to $30 million. Combined with a $20 million USDe purchase and an earlier $16 million ENA allocation, the investment underscores MEXC’s confidence in Ethena’s synthetic-dollar model.

Cecilia Hsueh, Chief Strategy Officer at MEXC, commented:

Our second investment in ENA reflects our commitment to backing the Ethena ecosystem. Through the synergy of exchange operations, strategic investments, and project empowerment, MEXC serves as an industry enabler, providing comprehensive support that extends far beyond traditional capital deployment.

Unlike traditional venture capital, MEXC’s approach blends investment with direct exchange support, including liquidity, listings, and access to its 40 million users worldwide. The announcement comes as stablecoins see unprecedented adoption.

In Q3 2025, net inflows topped $45.6 billion, up from just $10.8 billion the previous quarter. While USDT and USDC led inflows, Ethena’s USDe is gaining attention for its yield-bearing structure, a feature resonating in regions with limited banking access.

By doubling down on ENA, MEXC is signaling that synthetic stablecoins could evolve beyond payments to power lending, decentralized finance (DeFi) integrations, and trading infrastructure. With inflationary pressures and institutional demand reshaping global capital flows, MEXC’s bet positions Ethena as a leading contender in the next phase of stablecoin innovation.

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