MEXC Ventures has doubled down on its investment in the Ethena ecosystem, bringing its total exposure to $66 million, according to a press release shared with CoinDesk.

The latest move includes a $14 million investment in ENA, the governance token of the Ethena protocol, building on a $16 million ENA purchase and $20 million acquisition of USDe made earlier this year.

USDe is a synthetic stablecoin designed to track the value of the dollar without holding traditional reserves. Instead, it uses a combination of collateralized stablecoins and futures contracts.

The stablecoin’s market capitalization has nearly tripled since early July from around $5.3 billion to now stand at $14.65 billion. Traditional stablecoins backed by cash and cash equivalents, including U.S. Treasurys, remain domin

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