Bafin禁止Ethena GmbH的USDE代币的公共销售，理由是违规

德国金融监管机构巴芬（Bafin）禁止Ethena GmbH的USDE代币的公众销售，并指出该资产违反了欧盟的MICAR法规。

The German financial regulator, BaFin, has banned the public sales of Ethena GmbH’s USDe token, stating that the asset is in breach of the European Union’s MiCAR regulations.

德国金融监管机构巴芬（Bafin）禁止了埃塞纳（Ethena GmbH）的USDE代币的公众销售，并指出该资产违反了欧盟的MICAR法规。

According to BaFin, the company is marketing unregistered securities in the region, leading to the freezing of the reserve assets backing the token and the shutdown of its website. Additionally, the company has been ordered to stop accepting new customers.

根据巴芬的说法，该公司正在该地区营销未注册的证券，导致支持令牌和关闭其网站的储备资产冻结。此外，该公司被命令停止接受新客户。

On the other hand, Ethena has responded to BaFin’s decision by stating that, since its inception, it has been exploring various options and regulatory frameworks globally that would benefit its business. Although its application under the MiCAR regulatory framework was not approved, the company continues to evaluate alternative regulatory options.

另一方面，埃塞纳（Ethena）对巴芬（Bafin）的决定做出了回应，称自成立以来，它一直在探索全球各种选择和监管框架，这将受益于其业务。尽管未批准其在MICAR监管框架下的应用，但该公司仍在评估替代监管方案。

Additionally, they clarified that this decision will not affect the current listings of the USDe token or its minting and redemption capabilities through Ethena (BVI) Limited, which manages the majority of minting users. The company also denied reports about the “freezing” of assets, stating that all assets remain available for redemption and that terms will be updated in the coming days

此外，他们澄清说，该决定不会影响USD代币的当前清单，或者通过Ethena（BVI）Limited（管理大多数铸币用户）的铸造和赎回功能。该公司还拒绝了有关资产“冻结”的报告，并指出所有资产都可以兑换，并且条款将在未来几天更新

On the other hand, the German regulator also expressed concerns about the potential sale of unregistered securities through the sUSDe tokens, which are interconnected with the USDe. Investors can exchange these tokens, reinforcing the accusations that Ethena is operating without the required prospectus.

另一方面，德国监管机构还担心通过与USDE相互联系的Susde代币潜在出售未注册的证券。投资者可以交换这些代币，从而加强了埃塞纳在没有所需招股说明书的情况下运行的指控。

Despite the ban on the primary issuance and sales of USDe, BaFin clarified that secondary sales of the token will not be affected. On the other hand, Ethena has committed to maintaining the stability of the USDe backing and assured that users will still be able to redeem the token via Ethena BVI Limited.

尽管禁止了USDE的主要发行和销售，但Bafin澄清说，代币的二级销售不会受到影响。另一方面，Ethena致力于维持USDE支持的稳定性，并保证用户仍然能够通过Ethena BVI Limited兑换令牌。

Ethena Had Requested MiCA Approval

埃塞纳（Ethena）要求云母批准

Ethena’s compliance issues don’t stop there. The company had applied for MiCA approval in July 2024 in hopes of being integrated into the European regulatory framework. However, BaFin denied the request in March 2025, citing serious deficiencies in business organization and non-compliance with MiCA requirements.

Ethena的合规性问题不止于此。该公司于2024年7月申请了云母批准，希望将其纳入欧洲监管框架。但是，巴芬在2025年3月否认了这一要求，理由是商业组织严重缺陷和不符合云母要求。

Regarding token circulation, there are currently around 5.4 billion tokens in circulation, although many of them were issued outside the German jurisdiction before MiCA came into effect.

关于令牌发行，目前有大约54亿个令牌流通，尽管其中许多是在MICA生效之前发行的德国管辖权之外的。

Despite these regulatory conflicts, Ethena continues to attract institutional investments. In February 2024, the company raised over $100 million to launch a new token, the iUSDe, targeted at institutional investors. Additionally, that same month, the MEXC exchange announced a $20 million investment in USDe, attempting to promote the use of stablecoins

尽管存在这些监管冲突，但Ethena仍在继续吸引机构投资。 2024年2月，该公司筹集了超过1亿美元，以推出针对机构投资者的新代币IUSDE。此外，同月，MEXC交易所宣布了2000万美元的USDE投资，试图促进使用Stablecoins