Bafin拒絕Ethena Labs發行資產引用的令牌的申請

監管機構還擔心Susde可能構成無執照的安全產品。

Germany’s financial regulator, BaFin, has rejected Ethena Labs’ application to issue asset-referenced tokens under the European Union’s Markets in Crypto-Assets Regulation (MiCAR).

德國的金融監管機構巴芬（Bafin）拒絕了埃塞納實驗室（Ethena Labs）在歐盟市場下在加密資產管理法規（MICAR）下發布資產引用的代幣的申請。

The regulator also expressed concerns that the sUSDe may constitute an unlicensed security offering.

監管機構還表示擔心SUSDE可能構成無執照的安全產品。

According to BaFin’s official notice, the application submitted by Ethena GmbH, a Frankfurt-based entity in Ethena Labs’ corporate structure, exhibited “significant deficiencies” in organizational practices and failed to meet MiCAR requirements concerning asset reserves and capital adequacy.

根據巴芬的官方通知，埃西娜·吉姆斯（Ethena GmbH）在埃塞納實驗室（Ethena Labs）公司結構中提交的申請表現出了組織實踐中的“重大缺陷”，未能滿足有關資產儲備和資本充足性的質量要求。

BaFin immediately imposed enforceable supervisory measures, including prohibiting further public offerings of the USDe token within Germany, and ordered custodians to freeze the token’s reserve assets.

巴芬立即實施了可強制執行的監督措施，包括禁止在德國內部的USDE代幣公開募股，並命令保管人凍結代幣的儲備資產。

Notably, some stablecoin issuers have been facing difficulties performing coin operations in accordance with the new MiCAR regulation. Major European exchanges, such as Binance and FTX, decided to delist Tether USD (USDT) because they were concerned that the token might be non-compliant. However, authorities have not yet deemed USDT non-compliant.

值得注意的是，一些Stablecoin發行人一直面臨著根據新的Micar法規進行硬幣操作的困難。 Binance和FTX等主要的歐洲交易所決定將Tether USD（USDT）推遲，因為他們擔心令牌可能不合規。但是，當局尚未認為USDT不合規。

Ordered to stop USDe issuance

下令停止USDE發行

However, Ethena GmbH continued issuing the token in Germany after applying for authorization on July 29, 2024, to operate as a crypto service provider under MiCAR's transitional provision.

但是，Ethena GmbH於2024年7月29日申請授權後繼續在德國發行代幣，以根據Micar的過渡性規定作為加密服務提供商。

Approximately 5.4 billion USDe tokens are currently circulating, most of which were issued before MiCAR’s effective enforcement and outside of Germany.

目前約有54億美元的代幣流傳，其中大多數是在Micar有效執法和德國以外的地方發行的。

BaFin clarified that its actions do not affect USDe’s secondary market trading but temporarily restrict redemptions directly through Ethena GmbH. Since January 2025, Ethena BVI Limited, an affiliated entity based in the British Virgin Islands, has also facilitated the token’s issuance.

巴芬澄清說，其行動不會影響USDE的二級市場交易，而是直接通過Ethena GmbH暫時限制贖回。自2025年1月以來，位於英屬維爾京群島的附屬實體Ethena BVI Limited也促進了令牌的發行。

Moreover, the regulator appointed a special representative to monitor compliance and noted the potential for additional actions, including a ban on public offerings of associated securities.

此外，監管機構任命了一名特別代表來監控合規性，並指出了採取其他行動的潛力，包括禁止公開募股相關證券。

Securities offering

證券提供

Beyond operational shortcomings, BaFin expressed a “sufficiently substantiated suspicion” that the sUSDe token, a yield-bearing stablecoin variant, qualifies as a security under German law and has been offered publicly without an approved securities prospectus.

除了操作缺點外，巴芬還表達了“充分證實的懷疑”，即蘇斯德令牌是一種承受屈服的stablecoin變體，根據德國法律有資格作為安全性，並已在沒有批准的證券招股說明書的情況下公開提供。

The sUSDe is a yield-bearing stablecoin that can be acquired by staking USDe. BaFin’s concern stems from the financial structure and alleged profit promise embedded in the sUSDe token, which may trigger regulatory classification as a security.

Susde是一種承受屈服的stablecoin，可以通過State USDE獲得。巴芬的關注源於財務結構，並涉嫌嵌入蘇斯德令牌中的利潤承諾，這可能會觸發監管分類作為安全性。

This suspicion arose from the structure of the sUSDe as a yield-bearing instrument, which could fall afoul of German securities law if the token was marketed with promises of financial return to investors.

這種懷疑是從薩斯德（Susde）的結構引起的，如果代幣被銷售並有財務回報投資者的承諾，這可能會違反德國證券法。

BaFin’s position introduces a regulatory challenge to hybrid instruments like sUSDe, which combine stablecoin mechanics with yield-generation features. The regulator is actively evaluating whether the public distribution of such instruments requires compliance with securities law, including disclosure and prospectus obligations.

巴芬的位置引入了對蘇斯德（Susde）等混合儀器的調節挑戰，該材料將穩定力學的力學與屈服產生特徵相結合。監管機構正在積極評估此類文書的公共分配是否需要遵守證券法，包括披露和招股說明書義務。

The outcome of this classification could set a precedent for similar crypto assets in the European Union.

這種分類的結果可能為歐盟類似的加密資產樹立了先例。

Ethena Labs’ response

Ethena Labs的反應

In response, Ethena Labs published a statement confirming that it had been informed by email of BaFin’s decision to reject Ethena GmbH’s MiCAR application.

作為回應，Ethena Labs發表了一份聲明，證實了Bafin決定拒絕Ethena GmbH的Micar應用程序的決定已告知它。

The company acknowledged the decision in a public statement and said it is “evaluating alternative frameworks” for regulatory compliance.

該公司在公開聲明中承認了這一決定，並表示正在“評估替代框架”以符合法規的合規性。

Ethena added:

Ethena補充說：

“Since its inception, Ethena has been exploring various options and jurisdictions when it comes to regulatory frameworks globally. A MiCAR authorization via Ethena GmbH was one of various options we have been pursuing.”

“自成立以來，Ethena在全球監管框架方面一直在探索各種選擇和管轄區。通過Ethena GmbH的元素授權是我們一直在追求的各種選擇之一。”

The firm emphasized that the decision does not impact USDe minting and redemption activities facilitated by Ethena BVI Limited, which services the “vast majority” of users.

該公司強調，該決定不會影響Ethena BVI Limited促進的USDE鑄造和救贖活動，該活動為“絕大多數”用戶服務。

The company also denied speculation of an asset freeze, asserting that all reserves remain available. It added that it plans to revise its terms of service in the coming week.

該公司還否認了對資產凍結的猜測，並斷言所有儲備仍然可用。它補充說，它計劃在未來一周修改其服務條款。

BaFin’s rejection and planned action highlight the increasing scrutiny of stablecoins and synthetic yield instruments operating within or targeting European markets following the implementation of MiCA.

巴芬的拒絕和計劃的行動強調了在實施MICA後在歐洲市場中運行或針對歐洲市場的合成產量工具的越來越多的審查。