德國的金融監管機構Bafin阻止了Ethena Labs的子公司Ethena GmbH，在該國提供了USD的USD stablecoin。

巴芬在USDE的授權過程中引用了“嚴重的缺陷”，並指示該公司凍結其與StableCoin相關的資產儲備。

Germany’s financial regulator has stopped Ethena GmbH, a subsidiary of Ethena Labs, from offering its USD-pegged stablecoin, USDe, in the country.

德國的金融監管機構已阻止Ethena Labs的子公司Ethena GmbH在該國提供其USD穩定的USDE。

According to a statement by BaFin, the move follows "serious deficiencies" in the authorization process for USDe and has seen the regulator instruct the company to freeze its asset reserves tied to the stablecoin.

根據巴芬的一份聲明，此舉遵循USDE的授權過程中的“嚴重缺陷”，並看到監管機構指示公司凍結與Stablecoin相關的資產儲備。

Ethena GmbH had been using a transitional arrangement in the European MiCAR regulation, which allows cryptocurrency issuers to continue operations until they are granted or denied authorization, provided they apply by July 30, 2024. However, BaFin claims that Ethena GmbH began offering USDe in Germany on June 28, 2024, and distributed a big portion of its 5.4 billion USDe tokens outside Germany before this date.

Ethena GmbH一直在歐洲MICAR法規中使用過渡安排，該法規允許加密貨幣發行人繼續運營，直到獲得或拒絕授權，只要他們在2024年7月30日之前適用。但是，Bafin聲稱，Ethena Gmbh於6月28日在2024年6月28日在2024年在德國提供了一個大型Porterion，並在此期間提供了5.4 cyken the Cyken，並在此期間分配了該公司。

Furthermore, BaFin noted that Ethena GmbH is offering its Ethena Staked sUSDe token as a security without the required prospectus in Germany.

此外，巴芬指出，Ethena GmbH正在將其Ethena固定的Susde代幣作為安全性，沒有德國所需的招股說明書。

In response, Ethena Labs said that no assets have been frozen and BaFin’s move won’t affect USDe’s listings or minting and redemption processes handled by its subsidiary, Ethena BVI Limited.

作為回應，Ethena Labs表示，沒有資產被凍結，巴芬的舉動不會影響USDE的清單，其子公司Ethena BVI Limited處理的銷售和鑄造和贖回過程。

The company was disappointed by the decision and will continue to explore alternative regulatory frameworks.

該公司對該決定感到失望，並將繼續探索替代性監管框架。

Ethena Labs had been pursuing MiCAR authorization for its stablecoin, but with the application now set to be rejected, the firm plans to evaluate other options.

Ethena Labs一直在為其Stablecoin尋求MICAR授權，但由於該申請將被拒絕，因此公司計劃評估其他選擇。

USDe is the third-largest USD-pegged stablecoin by market supply, behind USDC and USDT. However, the token carries some risks that go beyond those associated with traditional stablecoins.

USDE是市場供應，僅次於USDC和USDT，是第三大美元的Stablecoin。但是，令牌帶來的風險超出了與傳統穩定的風險相關的風險。

The token is backed by a delta-neutral position that balances a basket of staked ether derivatives with ether shorts on centralized exchanges. This setup generates a yield as long as funding rates remain positive, which has historically been the case.

代幣的支持是三角洲中立的位置，該位置與集中式交易所的一籃子固定的醚衍生物與以太短褲之間的平衡。只要資金率保持積極，這種設置就會產生收益率，從歷史上講，情況就是如此。

The primary risk to USDe is if funding rates were to turn negative for an extended period, reducing the yield to zero or depleting its assets. Other risks include custodial counterparty risks associated with holding assets on centralized exchanges.

USDE的主要風險是，如果資金率在長時間內變為負，將收益率降低到零或消耗其資產。其他風險包括與集中式交易所持有資產有關的保管對手風險。

With its rapid growth, Arthur Hayes, a key backer and the founding advisor of Ethena, predicts that USDe could soon hit $1 billion in TVL, positioning it as a competitor to the well-known stablecoin Tether.

憑藉其快速增長，主要支持者和Ethena的創始顧問亞瑟·海斯（Arthur Hayes）預測，USDE很快可能會在TVL中達到10億美元，將其定位為競爭對手，成為眾所周知的Stablecoin Tether。

The concept for USDe was inspired by Hayes’ “Dust on Crust” blog post, envisioning a stablecoin backed by crypto-native derivatives and operating outside the traditional banking system.

USDE的概念的靈感來自Hayes的“灰塵”博客文章，設想了一個由加密本地衍生產品支持的穩定者，並在傳統的銀行系統之外運行。

In addition to USDe, Ethena has also introduced a dollar-denominated “Internet bond,” a savings instrument that generates value through the staked version of USDe (sUSDe).

除USDE外，Ethena還推出了一個以美元計價的“互聯網債券”，這是一種儲蓄工具，通過Staked版本的USDE（SUSDE）產生價值。