Ethena Labs退出德國，在Bafin執法行動後撤回MACAR授權申請

該決定是在德國財務監督當局巴芬（Bafin）的執法行動之後提出的，該機構已命令該公司停止在德國領土上公開出售USDE。

Ethena Labs, the company behind the synthetic stablecoin USDe, announced on April 15 the closure of its German entity, Ethena GmbH, and the withdrawal of the application for authorization under the European regulation MiCAR (Markets in Crypto-Assets Regulation).

合成穩定的USDE背後的公司Ethena Labs於4月15日宣布了其德國實體Ethena GmbH的關閉，並根據歐洲法規MICAR（Crypto-Assets法規中的市場）撤回了授權申請。

The decision follows an enforcement action by the German financial supervisory authority, BaFin, which has ordered the company to cease the public sale of USDe in German territory.

該決定是在德國財務監督當局巴芬（Bafin）的執法行動之後，該機構命令該公司停止在德國領土上公開出售USDE。

In a statement released on X, Ethena Labs stated:

在X上發布的一份聲明中，Ethena Labs指出：

“We have agreed with BaFin to cease all activities of Ethena GmbH and we will no longer pursue the MiCAR authorisation in Germany”.

“我們已經同意巴芬的同意，以停止Ethena GmbH的所有活動，我們將不再攻讀德國的授權”。

The company also specified that all users previously registered through the German branch have been transferred to its affiliated entity based in the British Virgin Islands, Ethena (BVI) Limited.

該公司還規定，以前通過德國分支機構註冊的所有用戶都已轉移到其位於英國維爾京群島Ethena（BVI）Limited的關聯實體。

The operational transition was rapid and seamless. Since March 21, 2025, Ethena GmbH has no longer conducted creation or redemption operations of USDe. All activities are now managed by Ethena (BVI) Limited, which continues to issue USDe, with a current circulation of approximately 5.4 billion tokens.

操作過渡是迅速而無縫的。自2025年3月21日以來，Ethena GmbH不再進行USDE的創建或贖回操作。現在，所有活動均由Ethena（BVI）Limited管理，該Limited繼續發布USDE，目前的發行量約為54億個令牌。

According to what was reported by the company, Ethena GmbH no longer has registered users nor direct clients. Furthermore, the majority of USDe tokens in circulation were issued outside of Germany and before the entry into force of the MiCAR.

根據該公司報告的內容，Ethena GmbH不再有註冊用戶或直接客戶。此外，在德國境外和元素生效之前，發行了大多數USD代幣。

The reasons behind BaFin’s refusal

巴芬拒絕的原因

The rejection of the MiCAR authorisation application by BaFin, made public on March 25, was due to “serious deficiencies” in the company’s organisational structure and non-compliance with regulatory standards regarding capital reserves and capital adequacy.

Bafin於3月25日公佈的Bafin拒絕MICAR授權申請歸因於公司的組織結構“嚴重缺陷”，並且不符合有關資本儲備和資本充足性的監管標準。

Another critical point raised by BaFin concerns the token sUSDe, a variant of USDe that offers returns to investors. According to the German authority, sUSDe could be classified as a financial instrument under German regulations, which would entail the obligation of a registered prospectus for public offerings.

Bafin提出的另一個關鍵點是USDE的代幣Susde，它為投資者提供了回報。根據德國當局的說法，根據德國法規，蘇斯德可以被歸類為金融工具，這需要履行註冊招股說明書公開募股的義務。

Following these evaluations, BaFin has undertaken a series of supervisory actions, including the blocking of public offers of USDe in Germany and the order to custodians to freeze reserve assets. However, it has been clarified that the secondary trading of USDe is not subject to restrictions, while redemption operations through the German branch remain limited.

經過這些評估，巴芬採取了一系列監督行動，包括阻止德國USDE的公眾提議以及託管人凍結儲備金資產的命令。但是，已經澄清的是，USDE的次要交易不受限制，而通過德國分支機構進行的贖回操作仍然有限。

MiCAR and the new European regulatory landscape

元素和新的歐洲監管景觀

The exit of Ethena Labs from Germany represents an emblematic case of the difficulties that crypto companies are facing in the European context. The MiCAR regulation, which fully comes into effect at the end of 2024, imposes stringent requirements for stablecoin issuers, including:

來自德國的Ethena Labs的退出代表了加密公司在歐洲背景下面臨的困難的象徵案例。在2024年底完全生效的《元法》對Stablecoin發行人施加了嚴格的要求，其中包括：

Stablecoins are now classified into two main categories: asset-referenced tokens and e-money tokens, each subject to specific rules.

現在將Stablecoins分為兩個主要類別：資產引用的令牌和電子貨幣令牌，每個標記都符合特定規則。

In response to these new regulations, several exchange platforms have already begun to adapt. Kraken and Crypto.com have removed USDT by Tether from their listings, while Binance eliminated, on March 3, several non-compliant stablecoins throughout the European Economic Area, including DAI, FDUSD, and PAXG.

為了響應這些新法規，幾個交換平台已經開始適應。 Kraken和Crypto.com已從其列表中刪除了USDT，而Binance於3月3日淘汰了整個歐洲經濟領域的幾種不合規的Stablecoins，包括Dai，Fdusd和Paxg。

Multi-jurisdictional strategy: a response to regulatory pressures

多義大利戰略：對監管壓力的回應

The Ethena case highlights a growing trend among crypto companies: the migration towards more flexible jurisdictions to ensure operational continuity. The choice of the British Virgin Islands by Ethena Labs reflects a pragmatic strategy to circumvent European regulatory barriers while keeping their business model active.

Ethena案強調了加密公司的趨勢增長：向更靈活的司法管轄區的移民以確保運營連續性。 Ethena Labs對英屬維爾京群島的選擇反映了一項務實的戰略，以避免歐洲監管障礙，同時保持其商業模式活躍。

This jurisdictional flexibility becomes crucial in a context where authorities, like BaFin, are adopting an increasingly strict approach, especially towards synthetic stablecoin that are not backed by traditional assets.

在像巴芬這樣的當局採用越來越嚴格的方法的情況下，這種管轄權的靈活性變得至關重要，尤其是針對不受傳統資產支持的合成穩定的方法。

Case Ethena Labs: implications for the future of stablecoins in Europe

案例Ethena Labs：對歐洲Stablecoin的未來的影響

The exit of Ethena Labs from the German market puts a spotlight on the pressing issues surrounding the future of stablecoins in Europe. On one hand, the MiCAR regulation aims to protect investors and ensure financial stability. On the other hand, there's a risk of stifling innovation, pushing companies towards less regulated offshore markets.

德國市場的Ethena Labs出口對歐洲Stablecoins未來的緊迫問題引起了人們的關注。一方面，《危機法規》旨在保護投資者並確保財務穩定。另一方面，有扼殺創新的風險，將公司推向受監管的離岸市場較少。

Moreover, regulatory uncertainty can negatively impact user confidence, making it essential for stablecoin issuers to adopt transparent and compliant practices to maintain their long-term credibility.

此外，監管不確定性可能會對用戶的信心產生負面影響，這對於Stablecoin發行人採用透明和合規的做法以維持其長期信譽至關重要。

A new balance between innovation and regulation

創新與監管之間的新平衡

The Ethena case represents a turning point for the crypto industry in Europe. The authorities are clearly raising the bar, and companies will have to adapt to an environment where compliance and transparency are no longer optional, but fundamental requirements.

Ethena案代表了歐洲加密行業的轉折點。當局顯然正在提高標準，公司將不得不適應合規性和透明度不再是可選的環境，而是基本要求。

The challenge now will be to find a balance between the need to regulate a rapidly evolving sector and the desire not to hinder technological innovation. In this scenario, the ability of companies to operate in multiple jurisdictions and to adapt quickly to regulatory changes will be crucial for their success.

現在的挑戰將是在規範快速發展的部門的需求與不阻礙技術創新的願望之間找到平衡。在這種情況下，公司在多個司法管轄區運營並迅速適應監管變更的能力對他們的成功至關重要。

Ultimately, the story of Ethena Labs is not just an isolated case, but a clear signal: the era of crypto regulation in Europe has begun, and with it, a new phase of transformation for the entire stablecoin ecosystem.

最終，Ethena Labs的故事不僅是一個孤立的案例，而且是一個明確的信號：歐洲的加密監管時代已經開始，隨之而來的是整個Stablecoin生態系統的新轉型階段。