The rise of synthetic stablecoins has shifted the balance in the digital dollar ecosystem, as traders and exchanges increasingly look beyond fiat-backed models. Among the most active participants in this trend is MEXC, which has reported more than $100 million TVL in USDe, the synthetic dollar issued by Ethena Labs.
On-chain data reviewed by CryptoDaily confirms that MEXC is now the second-largest centralized holder of USDe, trailing only Binance. The asset's circulating supply has climbed to $5.2 billion, making it the fourth-largest stablecoin by market cap.
USDe’s growth has been driven by a non-collateralized design that relies on derivatives hedging and liquidity provisioning rather than fiat reserves. While the model introduces new risk dynamics, it also opens the door for scalability and yield exposure — both attractive features in the current market cycle.
MEXC’s exposure to the Ethena ecosystem goes beyond custody. In early 2025, the exchange committed $16 million in venture funding to Ethena Labs and separately executed a $20 million direct acquisition of USDe. Following these moves, MEXC saw a sharp uptick in trading activity around ENA, Ethena’s governance token.
According to internal figures, ENA’s daily volume rose 885% on MEXC in March, while the number of token holders increased by 30%. Between February and May, ENA’s market cap jumped from $1.07 billion to $1.96 billion — a 83% increase over three months.
MEXC has also deployed several incentive-driven liquidity programs tied to USDe, including fee exemptions and short-term staking yields, though it has not disclosed long-term plans for stablecoin liquidity provisioning or integrations.
While synthetic stablecoins like USDe remain a niche segment compared to USDT and USDC, they are beginning to attract both capital and attention from infrastructure players. MEXC’s aggressive positioning suggests that at least some exchanges are preparing for a broader shift in how stable value is collateralized and delivered onchain.
The larger question is whether synthetic models can maintain peg resilience and regulatory neutrality under prolonged market stress. For now, the liquidity is moving — and MEXC is following it.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
