MEXC, the global cryptocurrency exchange with over 40 million users, is ramping up its commitment to innovation and decentralization by expanding its investment footprint in the stablecoin sector. Its recent $36 million strategic push — a $16 million investment in Ethena Labs and the purchase of $20 million in USDe — is already sending ripple effects across the decentralized finance (DeFi) ecosystem.
USDe, the synthetic dollar issued by Ethena, has rapidly emerged as one of the most influential stablecoins on the market, climbing to third place by market cap with a circulating supply nearing $5.8 billion as of June 2025. Ethena’s unique hybrid peg model — which combines crypto derivatives and on-chain liquidity strategies — distinguishes USDe from more traditional collateralized stablecoins like USDT and USDC.
MEXC’s aggressive stance is more than a financial bet — it’s a long-term play to reshape user experience and build trust in the crypto sector. According to on-chain data, MEXC now ranks as the second-largest centralized exchange by USDe total value locked (TVL), with deposits exceeding $100 million in May 2025 alone. This milestone aligns with Ethena’s surge in TVL and heightened adoption of its governance token, ENA.
To incentivize participation, MEXC has launched a suite of promotional campaigns, including zero-fee trading events, staking programs offering up to 400% APR, and a $1 million prize pool as part of its ongoing Trader’s Fest. These initiatives have led to a significant boost in on-chain metrics. In March, ENA holders increased by 30%, while ENA’s daily trading volume exploded by 885%. The average spot daily trading volume on MEXC in March also jumped 557% compared to February.
As a result, ENA’s market capitalization has nearly doubled within three months — rising from $1.07 billion in February to $1.96 billion by May.
MEXC’s support for emerging stablecoin protocols like Ethena reflects the shifting priorities in crypto — away from speculation and toward scalable, yield-bearing infrastructure. What we’re witnessing is a CEX behaving more like a DeFi-native institution.
Ethena’s USDe has also gained traction in other key platforms, including Pendle Finance, where users are able to tokenize and trade future yields from USDe staking strategies. This has contributed to USDe’s integration into a growing number of DeFi protocols, reinforcing its reputation as a productive and relatively stable digital dollar alternative.
Launched in 2018, MEXC has traditionally been recognized for supporting emerging token listings and offering low-fee trading for retail users. However, its recent moves signal a strategic shift toward deeper participation in DeFi infrastructure — aligning with broader trends in the crypto space, where centralized exchanges are becoming more intertwined with on-chain liquidity and decentralized finance rails.
As the crypto industry continues to recover from recent market contractions and regulatory challenges, MEXC’s strategic bet on stability, scalability, and composability appears to be paying off — both for its users and the broader digital asset ecosystem.
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Image Credits: MEXC