合成穩定發行人Ethena Labs關閉了德國的運營

該國最高金融監管機構巴芬（Bafin）標記合規性問題不到一個月

Ethena Labs, the issuer of the synthetic stablecoin USDe, is shutting down its operations in Germany after the country’s top financial regulator, BaFin, flagged compliance issues with its products.

合成Stablecoin USDE的發行人Ethena Labs在該國最高金融監管機構Bafin在其產品上標記了合規性問題後，將其在德國的運營關閉。

In an April 15 update, Ethena said it reached an agreement with BaFin to fully cease activities of its German subsidiary, Ethena GmbH. The firm also confirmed it will no longer seek authorization under the European Union’s Markets in Crypto-Assets Regulation (MiCA) in Germany.

埃塞納（Ethena）在4月15日的更新中表示，它與巴芬達成了一項協議，以完全停止其德國子公司Ethena GmbH的活動。該公司還確認，在德國的加密資產管理法規（MICA）的歐盟市場下，它將不再尋求授權。

“Following an application for authorization under the European Union’s MiCAR in Germany, and after a period of cooperation, BaFin has decided not to authorize Ethena GmbH and will close the transitional arrangement open under the European MiCAR regulation for a limited period of time,’ Ethena Labs said.

Ethena Labs說：“在歐盟在德國的MICAR下申請了授權申請之後，在一段時間的合作之後，巴芬決定不授權Ethena GmbH，並將在有限的一段時間內關閉根據歐洲元素規定開放的過渡安排。”

The move follows BaFin’s order on March 21 to halt all minting and redeeming of USDe in the country, citing legal concerns and possible securities law violations. Ethena clarified that since BaFin’s intervention, the German entity has not handled any transactions involving USDe.

此舉是在3月21日巴芬的命令之後，以法律問題和可能違反證券法的法律關注和可能的證券法，以阻止美國農業部的所有鑄造和贖回。 Ethena澄清說，自巴芬干預以來，德國實體沒有處理任何涉及USDE的交易。

“All whitelisted mint and redeem users previously interacting with Ethena GmbH have at their request been onboarded with Ethena (BVI) Limited instead and have no ongoing relationship with Ethena GmbH whatsoever,” the company said.

該公司表示：“所有以前與Ethena GmbH互動的白名單和贖回用戶都應與Ethena（BVI）Limited一起使用，而與Ethena GmbH沒有持續的關係。”

The Non-Traditional Peg Model Draws Scrutiny

非傳統釘模型繪製了審查

Unlike conventional stablecoins such as Tether’s USDT and Circle’s USDC, which are backed by fiat reserves, Ethena’s USDe relies on a delta-neutral hedging strategy to maintain its dollar peg. The synthetic model includes a mix of spot holdings, onchain collateral, and liquidity buffers.

與菲亞特儲備的支持的傳統穩定蛋白（例如Tether的USDT和Circle的USDC）不同，Ethena的USDE依靠Delta中性的對沖策略來維持其美元PEG。合成模型包括斑點持有，OnChain抵押品和流動性緩衝區的混合。

The firm’s unique approach to stablecoin maintenance has been a subject of scrutiny from regulators. In March, BaFin intervened in response to concerns over Ezena’s compliance with German financial regulations. The regulator’s move ultimately led to the suspension of USDe minting and redemption on March 21.

該公司對穩定維護的獨特方法一直是監管機構的審查。 3月，巴芬（Bafin）介入了對埃澤納（Ezena）遵守德國金融法規的擔憂。監管機構的舉動最終導致3月21日暫停了USDE鑄造和救贖。

USDe is currently the fourth-largest stablecoin, with a circulating supply of $4.9 billion, according to CoinMarketCap. However, BaFin’s pushback and MiCA’s tighter rules are raising barriers for synthetic stablecoins in the EU.

根據CoinMarketCap的數據，USDE是目前是第四大穩定幣，供應量為49億美元。但是，巴芬的反擊和雲母的更嚴格的規則正在提高歐盟合成穩定的障礙。

Ethena GmbH used a transitional arrangement under 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使用了歐洲MICAR法規的過渡安排，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，但前提是它們在2024年7月30日之前適用。但是，巴芬聲稱，埃塞娜·埃納（Ethena Gmbh）於2024年6月28日在德國提供了5.4億美元的價格，並在德國提供了USDE，並在此期間分發了5.4億美元的價格。

Furthermore, BaFin maintains that Ezena applied for authorization to offer its services in several European Economic Area (EEA) states despite not having the necessary administrative, technical, and organizational capabilities to operate in such a large market.

此外，巴芬堅持認為，儘管沒有必要的行政，技術和組織能力來在如此大的市場中運營，但Ezena申請授權在幾個歐洲經濟領域（EEA）州提供服務。

The financial regulator also raised concerns about Ethena GmbH offering its Ethena Staked sUSDe token as a security without the required prospectus in Germany.

金融監管機構還對Ethena GmbH表示擔憂，將其Ethena固定的Susde Token作為安全性，沒有德國所需的招股說明書。

In response, Ethena Labs stated that no assets had been frozen and that BaFin’s move wouldn’t affect USDe’s listings or minting and redemption processes handled by the company’s subsidiary, Ethena BVI Limited.

作為回應，Ethena Labs表示，沒有資產被冷凍，巴芬的舉動不會影響美國公司子公司Ethena BVI Limited處理的USDE清單，鑄造和贖回過程。

“We are disappointed by the decision of the German Federal Financial Services Institution, BaFin, to close the transitional arrangement opened by BaFin for Ethena GmbH under the European MiCAR regulation and not to grant authorization for Ezena to operate in Germany,” the company said.

該公司說：“我們對德國聯邦金融服務機構巴芬的決定感到失望，即在歐洲元素法規下為埃塞納（Ethena）gmbh開設的過渡安排，而不是授予Ezena在德國運營的授權。”

“We respect the decision of the German regulator and will continue to explore other options and work with regulators in other jurisdictions to provide innovative and compliant products and services to our users.”

“我們尊重德國監管機構的決定，並將繼續探索其他選擇，並與其他司法管轄區的監管機構合作，為我們的用戶提供創新和合規的產品和服務。”

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. USDe remains the third-largest USD-pegged stablecoin by market supply, behind USDC and USDT.

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。根據市場供應，USDE仍然是第三大美元的Stablecoin，僅次於USDC和USDT。

However, the USDe token carries some risks beyond those associated with traditional stablecoins. 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.

但是，USDE代幣帶來的風險超出了與傳統穩定的風險。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。

The MiCA regulation — which came into full effect in late 2024— imposes strict rules on stablecoin issuers operating in the EU. Issuers must hold fully backed reserves, keep those reserves segregated from users’ assets, and adhere to regular disclosures.

雲母法規（在2024年底就已經完全生效）對在歐盟運營的Stablecoin發行人施加了嚴格的規定。發行人必須持有完全支持的儲量，使這些儲量與用戶資產隔離，並遵守常規披露。

So far, 10 euro-

我知道，10歐元 -