Bafin停止在德国的USDE交易

根据巴芬的咨询，它在Ethena GmbH的USDE代币授权过程中确定了“严重的缺陷”。

The German financial regulator, BaFin, has ordered Ethena to halt the trading of its synthetic dollar stablecoin, USDe, in Germany.

德国金融监管机构巴芬（Bafin）已命令埃塞纳（Ethena）停止在德国的USDE合成美元稳定的交易。

According to a statement by BaFin on Friday, it identified “serious deficiencies” in the USDe token authorization process of Ethena. The regulator found that the company failed to fulfill MiCAR’s (Markets in Crypto-Assets Regulation) asset reserves and capital requirements.

根据巴芬周五的一份声明，它确定了Ethena的USDE代币授权过程中的“严重缺陷”。监管机构发现，该公司未能履行资产储量和资本要求的Micar（Crypto-Assets法规中的市场）。

The federal agency uncovered these deficiencies during Ethena’s application for a MiCAR license. It noted that it allowed the company to operate within its jurisdiction as the business took advantage of a transitional arrangement afforded by MiCAR. However, it immediately ordered a stop in its offerings as the issues became apparent.

联邦机构在埃塞纳（Ethena）申请MICAR许可证期间发现了这些缺陷。它指出，由于业务利用Micar提供的过渡安排，因此该公司允许公司在其管辖范围内运营。但是，随着问题的明显，它立即下令停止其产品。

“During the ongoing licensing process, BaFin has identified, among other things, serious deficiencies in the bank’s business organization and violations of MiCAR requirements, such as those regarding asset reserves and compliance with capital requirements,” said the regulator. “BaFin will communicate further at the end of the licensing process.”

监管机构说：“在正在进行的许可过程中，巴芬还确定了银行业务组织中严重的缺陷，并违反了涉及资产储量和遵守资本要求的质量要求。” “巴芬将在许可过程结束时进行进一步的交流。”

Ethena Asset Freeze

Ethena资产冻结

To protect consumers, BaFIN immediately acted to freeze Ethena’s asset reserves and prevented its executives from accessing them. It also blocked the business’ website and appointed a special representative to monitor the company’s compliance.

为了保护消费者，巴芬立即采取行动冻结埃塞纳的资产储备，并阻止其高管访问它们。它还阻止了业务网站，并任命了一名特别代表来监视公司的合规性。

Unfortunately, USDe token holders will not be able to redeem their holdings until further orders from the regulator. On the other hand, those trading the stablecoin in secondary markets will not be affected by the federal watchdog’s actions.

不幸的是，在监管机构的进一步订单之前，USDE代币持有人将无法兑换其持股。另一方面，那些在二级市场上交易Stablecoin的人不会受到联邦监督机构的行动的影响。

BaFIN pointed out that its measures are not yet final since it is still conducting thorough investigations. Its decisions were pursuant to Section 4 Paragraph 4 of the Financial Services Supervision Act (FinDAG) for ensuring the safeguard of the public.

巴芬指出，由于它仍在进行彻底的调查，因此其措施尚未最终。根据《金融服务监督法》第4段（FINDAG），其决定是为了确保公众的保护。

Ethena immediately expressed its discontent following its regulatory setback. The company stated that despite BaFIN’s rejection of its application, it will continue to evaluate alternative frameworks.

在监管挫折之后，埃特纳立即表示不满。该公司表示，尽管巴芬拒绝了其应用，但它将继续评估替代框架。

Moreover, the stablecoin issuer clarified that the regulator’s move does not disrupt its current USDe listings, minting, or redemption via Ethena (BVI) Limited. Meanwhile, its synthetic stablecoin remains fully backed, and none of its assets have been frozen by the German financial regulator.

此外，StableCoin发行人澄清说，监管机构的举动不会破坏其当前的USDE列表，通过Ethena（BVI）Limited兑换。同时，其合成稳定币仍然完全支持，而且其资产都没有被德国金融监管机构冻结。

About Ethena and USDe

关于Ethena和USDE

Ethena is a special protocol built on the Ethereum chain. It offers a crypto-native solution for the issuance of synthetic dollars.

乙烯是建立在以太坊链上的特殊协议。它为发行合成美元提供了加密本地解决方案。

USDe is a fully crypto-backed synthetic dollar stablecoin. It delta hedges Bitcoin (BTC), Ether (ETH), and Solana (SOL) spot assets using perpetual and deliverable futures contracts to maintain the token’s peg stability. In addition, it leverages liquid stablecoin assets, including Tether’s USDT and Circle’s USDC, to enhance the efficiency of its delta hedging mechanism.

USDE是一个完全由加密货币的合成美元Stablecoin。它使用永久和可交付的期货合约来维持代币的PEG稳定性，以达到黑怪比特币（BTC），Ether（Eth）和Solana（Sol）（SOL）（SOL）（SOL）（SOL）。此外，它利用包括Tether的USDT和Circle的USDC在内的液体稳定资产来提高其Delta对冲机制的效率。

For those unfamiliar with delta hedging, it is an options trading technique that helps in risk management. It aims to eliminate or significantly mitigate the directional risks coming from the price fluctuations in the underlying asset by balancing its positions in options. In other words, it serves as a counterweight to consistently achieve a “delta-neutral” state for maintaining the underlying asset’s targeted value.

对于那些不熟悉Delta对冲的人，这是一种有助于风险管理的期权交易技术。它的目的是通过平衡其期权的头寸来消除或大大减轻基础资产价格波动的定向风险。换句话说，它可以始终如一地实现“三角洲中立”状态来维持基本资产的目标价值。