Vugar Usi, the new chief executive at MEXC, believes that the decline in memecoin trading isn’t due to a loss of interest in these tokens but rather because the broader financial ecosystem has caught up. He points out how market movements can be triggered by anything from a tweet by President Trump to geopolitical rumors affecting gold and oil prices.
“Everything is somewhat meme-driven now,” Usi remarked during an interview with CoinDesk. “Meme coins thrived on social sentiment, virality, and speculation, which are now characteristics seen in broader financial events like those triggered by a single tweet from the president.”
Usi’s strategy involves transforming MEXC into a comprehensive ‘trade everything’ platform that includes tokenized equities, commodities, and prediction markets. He emphasizes focusing on retail traders, who make up approximately 98% of trading activity.
“It’s quite amusing to see memecoins competing for the same attention once given to gold and silver,” Usi noted. His strategy is based on expanding speculation opportunities rather than replacing retail with institutional investors.
Usi highlights prediction markets as a key area, where traders can bet on event outcomes before they are widely known. This approach contrasts with MEXC’s main competitors like Binance and OKX, which have focused on attracting institutional liquidity and preparing for ETF-driven flows that influence bitcoin pricing.
Previously at Bitget, Usi saw 80% of their trading volume come from institutions. At MEXC, however, the focus remains on retail. “Retail is our foundation,” he stated, citing MEXC’s zero-fee model as its primary marketing tool. This approach returned $1.1 billion to users in 2025, unlike other exchanges that have relied on high-profile endorsements.
His vision includes extending this model across various asset classes, such as tokenized stocks and precious metals, aiming for a platform similar to Asia’s superapps rather than a traditional crypto exchange.
However, MEXC faces challenges related to regulatory compliance. The company had to manage the fallout from the White Whale incident in 2025, where $3 million was allegedly frozen. Following public pressure, Cecilia Hsueh, MEXC’s chief strategy officer, issued an apology and confirmed the release of the funds.
Subsequent data indicated a surge in withdrawals from MEXC after this event, although recent trends have reversed. Despite these issues, MEXC secured second place in exchange volume at 2025’s end with a 5% market share and reported a 90% increase in volume throughout that year.
Usi acknowledges the need for improved compliance readiness as critical to MEXC’s growth trajectory. The company is initiating dialogues with regulators across Europe, the Middle East, and Southeast Asia to enhance transparency and compliance.
Regarding potential expansion into the U.S., even if the CLARITY Act passes, Usi remains cautious due to the market’s complexity and costs. This caution stems from a balancing act: maintaining MEXC’s rapid listing processes and minimal friction that attracted users but also drew regulatory attention.
Ultimately, Usi faces the challenge of refining MEXC’s model while retaining its memecoin-driven energy. Whether this transformation is necessary remains debatable, as data suggests loyal traders may not mind.