Crypto exchange MEXC has become the second-largest centralized holder of USDe, the synthetic dollar issued by Ethena Labs, as reported by the exchange on Wednesday.
On-chain data shows that MEXC’s USDe total value locked (TVL) exceeded $100 million in May, placing it just behind Binance in terms of USDe holdings among centralized exchanges. The synthetic stablecoin has seen rapid growth in 2025, with its circulating supply nearing $5.8 billion, making it the third-largest stablecoin by market capitalization.
USDe maintains its dollar peg using a combination of derivatives and on-chain liquidity strategies, distinguishing it from fiat-collateralized stablecoins. Its hybrid mechanism has drawn attention amid increased demand for capital-efficient, non-custodial stablecoin designs.
MEXC’s exposure to USDe includes both investment and platform integration. In Q1 2025, the exchange invested $16 million in Ethena Labs and later acquired $20 million in USDe. Following these developments, MEXC recorded notable spikes in activity tied to ENA, Ethena’s governance token. In March, ENA’s daily trading volume on the platform increased by 885%, while its holder base expanded by 30%. The token’s market capitalization nearly doubled over the following two months, rising from $1.07 billion in February to $1.96 billion by May.
MEXC has also facilitated increased on-platform liquidity for USDe through a series of trading campaigns and rate-driven programs rolled out in early 2025. These initiatives coincided with a broader uptick in exchange and user activity around the asset.
MEXC’s bet on USDe reflects a wider market trend toward diversification in stablecoin structures. As scrutiny grows around centralized custodial models, synthetic and decentralized alternatives are receiving increased interest for their potential to offer transparency, composability, and market resilience.
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