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Crypto Trends

MEXC Ventures Raises Ethena Investment to $66M

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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 dominant, with the leader USDT having a $174.7 billion market capitalization.

MEXC Ventures, the press release says, has already invested over $100 million in 40 investment projects. It has provided “enhanced empowerment support” to seven projects.

“We view our role as ecosystem builders rather than passive investors,” Leo Zhao, Investment Director of MEXC Ventures, said.



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(Midjourney/CoinDesk)
Crypto Trends

Y Combinator, Base and Coinbase Ventures Launch ‘Fintech 3.0’ as Finance Goes On-Chain

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Y Combinator, the Silicon Valley startup incubator behind Airbnb, Coinbase and Stripe, is collaborating with Base and Coinbase Ventures to create the next wave of so-called “Fintech 3.0” companies, according to a blog post on Tuesday.

The firms have opened applications to these “Fintech 3.0” companies, saying it is looking for themes such as expanding stablecoins beyond the dollar into local currencies, tokenizing assets such as stocks and credit markets and building consumer-facing applications including AI-driven financial agents.

This is part of these companies’ continuing efforts to move the financial industry on-chain. A prime example of this is Base, the Ethereum overlay blockchain attached to Coinbase which recently partnered with Shopify to offer global USDC payments.

“Our mission at Base is to build a global economy that increases innovation, creativity, and freedom. To do this, we need more founders to build on-chain businesses so that anyone, anywhere can participate in the global economy,” the blog post said.

The initiative comes as U.S. lawmakers move to clarify rules for crypto. The GENIUS Act, a new U.S. law governing stablecoins, aims to bring federal clarity by directing regulators to come up with specific rules for stablecoin issuers. U.S. lawmakers continue to work on broader crypto market structure legislation as well.



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PayPal Ventures Invests in Stable to Expand PYUSD Reach
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PayPal Ventures Invests in Stable to Expand PYUSD Reach

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PayPal Ventures has invested in Stable to bring PayPal USD PYUSD$0.9998 to Stablechain, aiming to expand its distribution and make global payments faster and cheaper, according to a blog post Monday.

Stable’s blockchain, built for stablecoin transactions with sub-second finality and low fees, is designed to fix the infrastructure issues that have slowed adoption, the company said.

The size of the investment was not disclosed.

Stablecoins are cryptocurrencies whose value is tied to another asset, such as the U.S. dollar or gold. They play a major role in cryptocurrency markets, providing among other things a payment infrastructure, and are also used to transfer money internationally.

Tether’s USDT is the world’s largest stablecoin, followed by Circle’s (CRCL) USDC.

Both companies said the move will unlock new commerce use cases, particularly in emerging markets where dollar-based payments have the biggest impact.

With PYUSD now live on Stablechain, the partnership marks a step toward taking stablecoins beyond crypto-native use and into everyday payments and financial products, Stable said.

Read more: U.S. Stablecoin Battle Could Be Zero-Sum Game: JPMorgan



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