diff --git a/electrum/currencies.json b/electrum/currencies.json
index 91fc5bbb8..5ada30dc1 100644
--- a/electrum/currencies.json
+++ b/electrum/currencies.json
@@ -55,7 +55,7 @@
         "XRP",
         "ZAR"
     ],
-     "MEXC (must select USD)": [
-        "USD"
+     "MEXC": [
+        "USDT"
      ]
 }
diff --git a/electrum/exchange_rate.py b/electrum/exchange_rate.py
index 8e5b9e71a..80af1f402 100644
--- a/electrum/exchange_rate.py
+++ b/electrum/exchange_rate.py
@@ -32,7 +32,7 @@
                   'RWF': 0, 'TND': 3, 'UGX': 0, 'UYI': 0, 'VND': 0,
                   'VUV': 0, 'XAF': 0, 'XAU': 4, 'XOF': 0, 'XPF': 0,
                   # Cryptocurrencies
-                  'BTC': 8, 'LTC': 8, 'XRP': 6, 'ETH': 18, 'FACT': 8, 'FACT0RN': 8
+                  'BTC': 8, 'LTC': 8, 'XRP': 6, 'ETH': 18, 'USDT': 0,
                   }
 
 SPOT_RATE_REFRESH_TARGET = 150      # approx. every 2.5 minutes, try to refresh spot price
@@ -185,7 +185,7 @@ class MEXC(ExchangeBase):
     
     async def get_rates(self, ccy):
         json = await self.get_json('api.mexc.com', '/api/v3/ticker/price?symbol=FACTUSDT')
-        return {'USD': to_decimal(json['price'])}
+        return {'USDT': to_decimal(json['price'])}
 
 
 class CoinGecko(ExchangeBase):
diff --git a/electrum/gui/qml/components/Preferences.qml b/electrum/gui/qml/components/Preferences.qml
index 47a175ec9..fbdd13f2b 100644
--- a/electrum/gui/qml/components/Preferences.qml
+++ b/electrum/gui/qml/components/Preferences.qml
@@ -105,7 +105,7 @@ Pane {
                         }
                         Label {
                             Layout.fillWidth: true
-                            text: qsTr('Fiat Currency')
+                            text: qsTr('Base Currency')
                             wrapMode: Text.Wrap
                         }
                     }
diff --git a/electrum/gui/qt/settings_dialog.py b/electrum/gui/qt/settings_dialog.py
index eeb7d732a..23fd382ea 100644
--- a/electrum/gui/qt/settings_dialog.py
+++ b/electrum/gui/qt/settings_dialog.py
@@ -300,7 +300,7 @@ def on_history_rates(checked):
         units_widgets.append((msat_cb, None))
         units_widgets.append((thousandsep_cb, None))
         fiat_widgets = []
-        fiat_widgets.append((QLabel(_('Fiat currency')), ccy_combo))
+        fiat_widgets.append((QLabel(_('Base currency')), ccy_combo))
         fiat_widgets.append((QLabel(_('Source')), ex_combo))
         fiat_widgets.append((self.history_rates_cb, None))
         misc_widgets = []
diff --git a/electrum/simple_config.py b/electrum/simple_config.py
index e53203a91..c9ee75db2 100644
--- a/electrum/simple_config.py
+++ b/electrum/simple_config.py
@@ -980,11 +980,11 @@ def _default_swapserver_url(self) -> str:
     )
 
     FX_USE_EXCHANGE_RATE = ConfigVar('use_exchange_rate', default=False, type_=bool)
-    FX_CURRENCY = ConfigVar('currency', default='EUR', type_=str)
-    FX_EXCHANGE = ConfigVar('use_exchange', default='CoinGecko', type_=str)  # default exchange should ideally provide historical rates
+    FX_CURRENCY = ConfigVar('currency', default='USDT', type_=str)
+    FX_EXCHANGE = ConfigVar('use_exchange', default='MEXC', type_=str)  # default exchange should ideally provide historical rates
     FX_HISTORY_RATES = ConfigVar(
         'history_rates', default=False, type_=bool,
-        short_desc=lambda: _('Download historical rates'),
+        short_desc=lambda: _('Download historical rates (Coingecko Only)'),
     )
     FX_HISTORY_RATES_CAPITAL_GAINS = ConfigVar(
         'history_rates_capital_gains', default=False, type_=bool,