Bafin停止在德國的USDE交易

根據巴芬的諮詢，它在Ethena GmbH的USDE代幣授權過程中確定了“嚴重的缺陷”。

The German financial regulator, BaFin, has ordered Ethena to halt the trading of its synthetic dollar stablecoin, USDe, in Germany.

德國金融監管機構巴芬（Bafin）已命令埃塞納（Ethena）停止在德國的USDE合成美元穩定的交易。

According to a statement by BaFin on Friday, it identified “serious deficiencies” in the USDe token authorization process of Ethena. The regulator found that the company failed to fulfill MiCAR’s (Markets in Crypto-Assets Regulation) asset reserves and capital requirements.

根據巴芬週五的一份聲明，它確定了Ethena的USDE代幣授權過程中的“嚴重缺陷”。監管機構發現，該公司未能履行資產儲量和資本要求的Micar（Crypto-Assets法規中的市場）。

The federal agency uncovered these deficiencies during Ethena’s application for a MiCAR license. It noted that it allowed the company to operate within its jurisdiction as the business took advantage of a transitional arrangement afforded by MiCAR. However, it immediately ordered a stop in its offerings as the issues became apparent.

聯邦機構在埃塞納（Ethena）申請MICAR許可證期間發現了這些缺陷。它指出，由於業務利用Micar提供的過渡安排，因此該公司允許公司在其管轄範圍內運營。但是，隨著問題的明顯，它立即下令停止其產品。

“During the ongoing licensing process, BaFin has identified, among other things, serious deficiencies in the bank’s business organization and violations of MiCAR requirements, such as those regarding asset reserves and compliance with capital requirements,” said the regulator. “BaFin will communicate further at the end of the licensing process.”

監管機構說：“在正在進行的許可過程中，巴芬還確定了銀行業務組織中嚴重的缺陷，並違反了涉及資產儲量和遵守資本要求的質量要求。” “巴芬將在許可過程結束時進行進一步的交流。”

Ethena Asset Freeze

Ethena資產凍結

To protect consumers, BaFIN immediately acted to freeze Ethena’s asset reserves and prevented its executives from accessing them. It also blocked the business’ website and appointed a special representative to monitor the company’s compliance.

為了保護消費者，巴芬立即採取行動凍結埃塞納的資產儲備，並阻止其高管訪問它們。它還阻止了業務網站，並任命了一名特別代表來監視公司的合規性。

Unfortunately, USDe token holders will not be able to redeem their holdings until further orders from the regulator. On the other hand, those trading the stablecoin in secondary markets will not be affected by the federal watchdog’s actions.

不幸的是，在監管機構的進一步訂單之前，USDE代幣持有人將無法兌換其持股。另一方面，那些在二級市場上交易Stablecoin的人不會受到聯邦監督機構的行動的影響。

BaFIN pointed out that its measures are not yet final since it is still conducting thorough investigations. Its decisions were pursuant to Section 4 Paragraph 4 of the Financial Services Supervision Act (FinDAG) for ensuring the safeguard of the public.

巴芬指出，由於它仍在進行徹底的調查，因此其措施尚未最終。根據《金融服務監督法》第4段（FINDAG），其決定是為了確保公眾的保護。

Ethena immediately expressed its discontent following its regulatory setback. The company stated that despite BaFIN’s rejection of its application, it will continue to evaluate alternative frameworks.

在監管挫折之後，埃特納立即表示不滿。該公司表示，儘管巴芬拒絕了其應用，但它將繼續評估替代框架。

Moreover, the stablecoin issuer clarified that the regulator’s move does not disrupt its current USDe listings, minting, or redemption via Ethena (BVI) Limited. Meanwhile, its synthetic stablecoin remains fully backed, and none of its assets have been frozen by the German financial regulator.

此外，StableCoin發行人澄清說，監管機構的舉動不會破壞其當前的USDE列表，通過Ethena（BVI）Limited兌換。同時，其合成穩定幣仍然完全支持，而且其資產都沒有被德國金融監管機構凍結。

About Ethena and USDe

關於Ethena和USDE

Ethena is a special protocol built on the Ethereum chain. It offers a crypto-native solution for the issuance of synthetic dollars.

乙烯是建立在以太坊鏈上的特殊協議。它為發行合成美元提供了加密本地解決方案。

USDe is a fully crypto-backed synthetic dollar stablecoin. It delta hedges Bitcoin (BTC), Ether (ETH), and Solana (SOL) spot assets using perpetual and deliverable futures contracts to maintain the token’s peg stability. In addition, it leverages liquid stablecoin assets, including Tether’s USDT and Circle’s USDC, to enhance the efficiency of its delta hedging mechanism.

USDE是一個完全由加密貨幣的合成美元Stablecoin。它使用永久和可交付的期貨合約來維持代幣的PEG穩定性，將其劃定比特幣（BTC），Ether（Eth）和Solana（Sol）（SOL）（SOL）（SOL）。此外，它利用包括Tether的USDT和Circle的USDC在內的液體穩定資產來提高其Delta對沖機制的效率。

For those unfamiliar with delta hedging, it is an options trading technique that helps in risk management. It aims to eliminate or significantly mitigate the directional risks coming from the price fluctuations in the underlying asset by balancing its positions in options. In other words, it serves as a counterweight to consistently achieve a “delta-neutral” state for maintaining the underlying asset’s targeted value.

對於那些不熟悉Delta對沖的人，這是一種有助於風險管理的期權交易技術。它的目的是通過平衡其期權的頭寸來消除或大大減輕基礎資產價格波動的定向風險。換句話說，它可以始終如一地實現“三角洲中立”狀態來維持基本資產的目標價值。