Crypto Exchange Mexc has become the second largest centralized USDE holder, the synthetic dollar issued by Ethena Labs, as reported by exchange Wednesday.
Chain data show that the Total USDE value of Mexc (TVL) exceeded $ 100 million in May, placing it just behind Binance in terms of USDE participations among centralized exchanges. The synthetic stablecoin experienced rapid growth in 2025, with its food in circulation nearly $ 5.8 billion, making it the third largest stablecoin by market capitalization.
The USDE maintains its dollars ankle using a combination of derivatives and liquidity strategies on chain, distinguishing it from the fiat-collateralized stablecoins. Its hybrid mechanism drew attention to an increased demand for non -waste and effective stablecoin conceptions.
Mexc exhibition at USDE includes both the investment and integration of platforms. In T1 2025, the scholarship invested $ 16 million in Ethena Labs and then acquired $ 20 million in USDE. After these developments, Mexc recorded notable peaks in the activity linked to ENA, the governance token of Ethena. In March, ENA's daily trading volume on the platform increased by 885%, while its holder's base increased by 30%. The market capitalization of the token almost doubled in the following two months, going from $ 1.07 billion in February to $ 1.96 billion by May.
MEXC also facilitated increased liquidity on the USDE platform thanks to a series of commercial campaigns and programs focused on departure rates at the start of 2025.
Mexc's bet on the USDE reflects a broader market trend towards the diversification of Stablecoin structures. As the control develops around centralized childcare models, synthetic and decentralized alternatives arouse increased interest in their potential to offer transparency, composibility and resilience of the market.
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