Ethena Labs放棄了為其USDE Stablecoin尋求歐盟授權的計劃

Ethena Labs放棄了為其USDE Stablecoin尋求歐盟授權的計劃。加密初創公司將使其德國分支機構Ethena GmbH的活動結束。

Ethena Labs has abandoned the plan to seek EU-based authorization for its USDe stablecoin. The crypto startup will wind down the activities of its German branch Ethena GMBH.

Ethena Labs放棄了為其USDE Stablecoin尋求歐盟授權的計劃。加密初創公司將使其德國分支機構Ethena GmbH的活動結束。

Ethena Labs has agreed with the German financial authorities (BaFin) to abandon attempts at authorizing its USDe stablecoin under MiCA regulations. Ethena Labs operated in the country under a previous agreement for leeway after the enforcement of MiCA.

Ethena Labs已同意德國金融當局（Bafin）放棄根據MICA法規授權其USDE Stablecoin的嘗試。在雲母執行後，根據先前的餘地協議在該國進行了埃塞納實驗室。

Despite the attempts of Ethena to offer a regulated stablecoin, BaFin banned the startup from offering its stablecoin in Germany. Ethena Labs announced no assets have been frozen, either fiat or on-chain. However, the crypto protocol was aware back in March that BaFin was probably not going to extend more time to build a MiCA-compliant asset.

儘管Ethena試圖提供受監管的Stablecoin，但巴芬還是禁止該初創公司在德國提供其穩定的。 Ethena Labs宣布尚未凍結資產，無論是菲亞特還是鏈上。但是，該加密協議在3月份意識到巴芬可能不會延長更多時間來建立符合雲母的資產。

As a result, all German buyers of USDe have been transferred to the international branch of Ethena Labs. The startup announced the change as it stopped issuing and redeeming USDe through Ethena GMBH since March 11.

結果，USD的所有德國買家都被轉移到Ethena Labs的國際分支機構。這家初創公司宣布了這一變化，因為它停止發行並通過Ethena Gmbh發行並贖回USDE。

We have agreed with BaFin to wind down all activities of Ethena GMBH and will no longer be pursuing the MiCAR authorization in Germany.

我們已經同意巴芬（Bafin）的同意，以限制Ethena GmbH的所有活動，並且將不再在德國尋求MICAR授權。

As communicated previously, Ethena GmbH has not conducted any mint or redeem activity since March 21, 2025, and all activity has been carried…

如前所述，自2025年3月21日以來，Ethena GmbH從未進行過任何造幣廠或贖回活動，並且所有活動都已進行…

— Ethena Labs (@ethena_labs) April 15, 2025

- 2025年4月15日

German users will still retain their access to USDe, but this time, the asset will be issued by Ethena BVI, outside the requirements and protections of German financial laws. German traders will retain their right to own USDe, independent of the issuer.

德國用戶仍將保留其訪問USDE的訪問權限，但是這次，資產將由Ethena BVI發行，除了對德國金融法的要求和保護之外。德國交易者將保留獨立於發行人的USDE擁有USDE的權利。

USDe was one of the most contentious stablecoins, as its dollar-based value is algorithmically formed. MiCA regulations have been harsh to the stablecoin space, with just 11 assets fitting the bill for problem-free distribution in the EU. USDe and its passive income opportunities for staking are outside the scope of MiCA, which mostly focuses on fiat-backed tokens with provable banking reserves.

USDE是最有爭議的Stablecoins之一，因為其基於美元的價值是算法形成的。雲母法規對Stablecoin空間非常苛刻，只有11個資產適合歐盟中的無問題分配。 USD及其被動收入的積分機會不在雲母範圍之內，該雲母主要集中在菲亞特支持的代幣，並具有可證明的銀行儲備。

Ethena aims to evolve USDe use cases

Ethena的目的是發展USDE用例

Ethena continues to evolve its USDe asset, while aiming for more representation on DeFi lending protocols. The asset will soon reveal a regular proof-of-reserves program, to show evidence the token was also protected by a crypto reserve.

Ethena繼續發展其USDE資產，同時旨在更多地代表Defi Lengend協議。資產將很快揭示定期的居住計劃，以顯示令牌也受到加密保護區的保護。

The first reserve claim for USDe was published on April 11. According to Ethena’s own reporting, the supply of tokens is over $5B, backed by assets valued at $5.1B.

USDE的第一個儲備索賠於4月11日發布。根據Ethena自己​​的報告，代幣的供應超過5B美元，由價值5.1B美元的資產支持。

Despite the transparency, USDe remains at best a crypto-backed stablecoin, insufficient for MiCA certification. USDe reports reserves with a basket of approved coins and tokens, including BTC, ETH, stETH, mETH, WBETH, SOL, USDT, USDC, USDtb, and sUSDS. Previously, Ethena Labs posted a monthly attestation, expanding the report to account for all on-chain assets.

儘管具有透明度，但美國農業部充其量仍然是加密貨幣支持的穩定性，不足以進行雲母認證。 USDE Reports Reports Reserve用一籃子批准的硬幣和代幣，包括BTC，ETH，Steth，Meth，Wbeth，Wbeth，Sol，USDT，USDC，USDC，USDTB和SUSDS。以前，埃塞納實驗室（Ethena Labs）發布了每月的證明，擴大了報告以說明所有鏈資產。

Ethena Labs also carries over $8.7B in crypto assets, based on a wallet tagged by Arkham Intelligence.

Ethena Labs還基於Arkham Intelligence標記的錢包，還擁有超過$ 8.7B的加密資產。

Ethena decreases USDe supply

Ethena減少USDE供應

The EU and German distribution of USDe was a contentious issue for Ethena. At the same time, Ethereum (ETH) lost its bullish prognosis, meaning Ethena could not rely on predictable funding fees from exchanges.

歐盟和德國的USDE分佈是埃塞納的一個有爭議的問題。同時，以太坊（ETH）失去了看漲的預後，這意味著Ethena不能依靠交流中可預測的資金費用。

As a result, the supply of USDe decreased from a peak above $6.1B down to $4.9B. Trading volumes also slowed down to around $50M. USDe remains widely used for DeFi, with a big part of its volumes on Uniswap and other DEXs. Staked SUSDe, however, expanded, up to 2.15B, trading at a premium of $1.16.

結果，USDE的供應從高於$ 6.1B的峰值下降到$ 4.9B。交易量也減慢到5000萬美元左右。 USDE仍然廣泛用於DEFI，其在Uniswap和其他DEX上的數量很大。然而，固定的Susde擴大了2.15B，溢價為1.16美元。

For the same three-month period, ENA also lost value, from around $0.93 down to $0.29. The token is on track to erase all gains since September 2024, when it traded at around $0.20.

在相同的三個月時期，ENA還損失了價值，從0.93美元下降到0.29美元。自2024年9月以來，該代幣的交易價格約為0.20美元，就可以消除所有收益。