MEXC Ventures commits $30M more to Ethena’s ENA

MEXC Ventures has expanded its backing of Ethena, committing an additional $30 million to ENA, the governance token of the protocol.

The Oct. 1 announcement lifts MEXC’s total exposure across the Ethena ecosystem to $66 million, including earlier investments in Ethena Labs and its synthetic stablecoin, USDe.

The move, disclosed in a company press release, underscores MEXC Ventures’ strategy of supporting high-growth blockchain projects through both direct capital and operational resources.

Ethena (ENA), which has become one of the most closely watched players in the stablecoin sector, now benefits from deeper alignment with one of Asia’s largest exchanges.

Expanding commitment to Ethena

The latest investment builds on MEXC’s $16 million injection into Ethena Labs earlier this year and a $20 million purchase of USDe. Collectively, these pledges demonstrate how the exchange is establishing itself as more than just a trading platform, providing infrastructure, technical know-how, and liquidity to projects it supports.

Ethena’s growth has been rapid. By the end of September, USDe supply had grown to over $14 billion in total value locked, bringing in over $660 million in fees in the previous year. Major exchanges have witnessed an increase in demand for ENA, with volumes peaking after listings on sites like Upbit.

Participation from institutional and corporate investors has also increased. September deals included a $530 million round led by StablecoinX and $20 million investment from UAE-based M2 Capital.

Industry impact and outlook

The continued support that MEXC provides to Ethena helps to enhance integration, governance, and adoption across the decentralized finance industry. Unlike traditional venture firms, MEXC Ventures uses its exchange infrastructure to provide Ethena and other projects with trading, liquidity, and market reach.

In contrast to passive investing, MEXC Ventures claims that its approach shows a commitment to ecosystem development. Over the past two years, it has invested more than $100 million in 40 projects, many of which have benefited from operational and marketing support.

Ethena’s synthetic dollar model is emerging as a major alternative to stablecoins backed by fiat money as institutional inflows and corporate treasury participation rise. MEXC’s increased investment demonstrates its confidence in the continuation of this trend.