Bafin禁止Ethena GmbH的USDE代幣的公共銷售，理由是違規

德國金融監管機構巴芬（Bafin）禁止Ethena GmbH的USDE代幣的公眾銷售，並指出該資產違反了歐盟的MICAR法規。

The German financial regulator, BaFin, has banned the public sales of Ethena GmbH’s USDe token, stating that the asset is in breach of the European Union’s MiCAR regulations.

德國金融監管機構巴芬（Bafin）禁止了埃塞納（Ethena GmbH）的USDE代幣的公眾銷售，並指出該資產違反了歐盟的MICAR法規。

According to BaFin, the company is marketing unregistered securities in the region, leading to the freezing of the reserve assets backing the token and the shutdown of its website. Additionally, the company has been ordered to stop accepting new customers.

根據巴芬的說法，該公司正在該地區營銷未註冊的證券，導致支持令牌和關閉其網站的儲備資產凍結。此外，該公司被命令停止接受新客戶。

On the other hand, Ethena has responded to BaFin’s decision by stating that, since its inception, it has been exploring various options and regulatory frameworks globally that would benefit its business. Although its application under the MiCAR regulatory framework was not approved, the company continues to evaluate alternative regulatory options.

另一方面，埃塞納（Ethena）對巴芬（Bafin）的決定做出了回應，稱自成立以來，它一直在探索全球各種選擇和監管框架，這將受益於其業務。儘管未批准其在MICAR監管框架下的應用，但該公司仍在評估替代監管方案。

Additionally, they clarified that this decision will not affect the current listings of the USDe token or its minting and redemption capabilities through Ethena (BVI) Limited, which manages the majority of minting users. The company also denied reports about the “freezing” of assets, stating that all assets remain available for redemption and that terms will be updated in the coming days

此外，他們澄清說，該決定不會影響USD代幣的當前清單，或者通過Ethena（BVI）Limited（管理大多數鑄幣用戶）的鑄造和贖回功能。該公司還拒絕了有關資產“凍結”的報告，並指出所有資產都可以兌換，並且條款將在未來幾天更新

On the other hand, the German regulator also expressed concerns about the potential sale of unregistered securities through the sUSDe tokens, which are interconnected with the USDe. Investors can exchange these tokens, reinforcing the accusations that Ethena is operating without the required prospectus.

另一方面，德國監管機構還擔心通過與USDE相互聯繫的Susde代幣潛在出售未註冊的證券。投資者可以交換這些代幣，從而加強了埃塞納在沒有所需招股說明書的情況下運行的指控。

Despite the ban on the primary issuance and sales of USDe, BaFin clarified that secondary sales of the token will not be affected. On the other hand, Ethena has committed to maintaining the stability of the USDe backing and assured that users will still be able to redeem the token via Ethena BVI Limited.

儘管禁止了USDE的主要發行和銷售，但Bafin澄清說，代幣的二級銷售不會受到影響。另一方面，Ethena致力於維持USDE支持的穩定性，並保證用戶仍然能夠通過Ethena BVI Limited兌換令牌。

Ethena Had Requested MiCA Approval

埃塞納（Ethena）要求雲母批准

Ethena’s compliance issues don’t stop there. The company had applied for MiCA approval in July 2024 in hopes of being integrated into the European regulatory framework. However, BaFin denied the request in March 2025, citing serious deficiencies in business organization and non-compliance with MiCA requirements.

Ethena的合規性問題不止於此。該公司於2024年7月申請了雲母批准，希望將其納入歐洲監管框架。但是，巴芬在2025年3月否認了這一要求，理由是商業組織嚴重缺陷和不符合雲母要求。

Regarding token circulation, there are currently around 5.4 billion tokens in circulation, although many of them were issued outside the German jurisdiction before MiCA came into effect.

關於令牌發行，目前有大約54億個令牌流通，儘管其中許多是在MICA生效之前發行的德國管轄權之外的。

Despite these regulatory conflicts, Ethena continues to attract institutional investments. In February 2024, the company raised over $100 million to launch a new token, the iUSDe, targeted at institutional investors. Additionally, that same month, the MEXC exchange announced a $20 million investment in USDe, attempting to promote the use of stablecoins

儘管存在這些監管衝突，但Ethena仍在繼續吸引機構投資。 2024年2月，該公司籌集了超過1億美元，以推出針對機構投資者的新代幣IUSDE。此外，同月，MEXC交易所宣布了2000萬美元的USDE投資，試圖促進使用Stablecoins