Major cryptocurrency exchange MEXC has significantly increased its involvement in the stablecoin market by becoming the second-largest holder of the synthetic stablecoin USDe among all exchanges. According to its latest report, MEXC now holds over $100 million in USDe total value locked (TVL), underlining its growing commitment to digital dollar alternatives.
After MEXC put $16 million into Ethena in February 2025 and bought $20 million of USDe, they have now released the stablecoin. Many people have started to pay more attention to USDe and its governance token , ENA.
During March, Ena caused a 30% increase in the number of holders, a 14% boost in TVL and a huge 885% spike in daily trading volume. Between February and May, the market value of the drug increased by $800 million, increasing from $1.07 billion to $1.95 billion.
USDe has quickly climbed to be one of the top synthetic stablecoins, clocking up a supply of around $5.8 billion. Other than USDT and USDC, it is now the third-biggest stablecoin among the most popular ones. Differential betting on derivatives and the blockchain makes USDe different from fiat-backed stablecoins. Allowing it to remain steadily tied to the U.S. dollar.
Through MEXC’s participation, centralized exchanges are showing a move toward being involved in Web3 innovation. Integrating non-traditional though stable coins like USDs into mainstream platforms on MEXC is helping form the future of using stablecoins and decentralized finance outside of original structures.
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