Bafin拒绝Ethena Labs发行资产引用的令牌的申请

监管机构还担心Susde可能构成无执照的安全产品。

Germany’s financial regulator, BaFin, has rejected Ethena Labs’ application to issue asset-referenced tokens under the European Union’s Markets in Crypto-Assets Regulation (MiCAR).

德国的金融监管机构巴芬（Bafin）拒绝了埃塞纳实验室（Ethena Labs）在欧盟市场下在加密资产管理法规（MICAR）下发布资产引用的代币的申请。

The regulator also expressed concerns that the sUSDe may constitute an unlicensed security offering.

监管机构还表示担心SUSDE可能构成无执照的安全产品。

According to BaFin’s official notice, the application submitted by Ethena GmbH, a Frankfurt-based entity in Ethena Labs’ corporate structure, exhibited “significant deficiencies” in organizational practices and failed to meet MiCAR requirements concerning asset reserves and capital adequacy.

根据巴芬的官方通知，埃西娜·吉姆斯（Ethena GmbH）在埃塞纳实验室（Ethena Labs）公司结构中提交的申请表现出了组织实践中的“重大缺陷”，未能满足有关资产储备和资本充足性的质量要求。

BaFin immediately imposed enforceable supervisory measures, including prohibiting further public offerings of the USDe token within Germany, and ordered custodians to freeze the token’s reserve assets.

巴芬立即实施了可强制执行的监督措施，包括禁止在德国内部的USDE代币公开募股，并命令保管人冻结代币的储备资产。

Notably, some stablecoin issuers have been facing difficulties performing coin operations in accordance with the new MiCAR regulation. Major European exchanges, such as Binance and FTX, decided to delist Tether USD (USDT) because they were concerned that the token might be non-compliant. However, authorities have not yet deemed USDT non-compliant.

值得注意的是，一些Stablecoin发行人一直面临着根据新的Micar法规进行硬币操作的困难。 Binance和FTX等主要的欧洲交易所决定将Tether USD（USDT）推迟，因为他们担心令牌可能不合规。但是，当局尚未认为USDT不合规。

Ordered to stop USDe issuance

下令停止USDE发行

However, Ethena GmbH continued issuing the token in Germany after applying for authorization on July 29, 2024, to operate as a crypto service provider under MiCAR's transitional provision.

但是，Ethena GmbH于2024年7月29日申请授权后继续在德国发行代币，以根据Micar的过渡性规定作为加密服务提供商。

Approximately 5.4 billion USDe tokens are currently circulating, most of which were issued before MiCAR’s effective enforcement and outside of Germany.

目前约有54亿美元的代币流传，其中大多数是在Micar有效执法和德国以外的地方发行的。

BaFin clarified that its actions do not affect USDe’s secondary market trading but temporarily restrict redemptions directly through Ethena GmbH. Since January 2025, Ethena BVI Limited, an affiliated entity based in the British Virgin Islands, has also facilitated the token’s issuance.

巴芬澄清说，其行动不会影响USDE的二级市场交易，而是直接通过Ethena GmbH暂时限制赎回。自2025年1月以来，位于英属维尔京群岛的附属实体Ethena BVI Limited也促进了令牌的发行。

Moreover, the regulator appointed a special representative to monitor compliance and noted the potential for additional actions, including a ban on public offerings of associated securities.

此外，监管机构任命了一名特别代表来监控合规性，并指出了采取其他行动的潜力，包括禁止公开募股相关证券。

Securities offering

证券提供

Beyond operational shortcomings, BaFin expressed a “sufficiently substantiated suspicion” that the sUSDe token, a yield-bearing stablecoin variant, qualifies as a security under German law and has been offered publicly without an approved securities prospectus.

除了操作缺点外，巴芬还表达了“充分证实的怀疑”，即苏斯德令牌是一种承受屈服的stablecoin变体，根据德国法律有资格作为安全性，并已在没有批准的证券招股说明书的情况下公开提供。

The sUSDe is a yield-bearing stablecoin that can be acquired by staking USDe. BaFin’s concern stems from the financial structure and alleged profit promise embedded in the sUSDe token, which may trigger regulatory classification as a security.

Susde是一种承受屈服的stablecoin，可以通过State USDE获得。巴芬的关注源于财务结构，并涉嫌嵌入苏斯德令牌中的利润承诺，这可能会触发监管分类作为安全性。

This suspicion arose from the structure of the sUSDe as a yield-bearing instrument, which could fall afoul of German securities law if the token was marketed with promises of financial return to investors.

这种怀疑是从萨斯德（Susde）的结构引起的，如果代币被销售并有财务回报投资者的承诺，这可能会违反德国证券法。

BaFin’s position introduces a regulatory challenge to hybrid instruments like sUSDe, which combine stablecoin mechanics with yield-generation features. The regulator is actively evaluating whether the public distribution of such instruments requires compliance with securities law, including disclosure and prospectus obligations.

巴芬的位置引入了对苏斯德（Susde）等混合仪器的调节挑战，该材料将稳定力学的力学与屈服产生特征相结合。监管机构正在积极评估此类文书的公共分配是否需要遵守证券法，包括披露和招股说明书义务。

The outcome of this classification could set a precedent for similar crypto assets in the European Union.

这种分类的结果可能为欧盟类似的加密资产树立了先例。

Ethena Labs’ response

Ethena Labs的反应

In response, Ethena Labs published a statement confirming that it had been informed by email of BaFin’s decision to reject Ethena GmbH’s MiCAR application.

作为回应，Ethena Labs发表了一份声明，证实了Bafin决定拒绝Ethena GmbH的Micar应用程序的决定已告知它。

The company acknowledged the decision in a public statement and said it is “evaluating alternative frameworks” for regulatory compliance.

该公司在公开声明中承认了这一决定，并表示正在“评估替代框架”以符合法规的合规性。

Ethena added:

Ethena补充说：

“Since its inception, Ethena has been exploring various options and jurisdictions when it comes to regulatory frameworks globally. A MiCAR authorization via Ethena GmbH was one of various options we have been pursuing.”

“自成立以来，Ethena在全球监管框架方面一直在探索各种选择和管辖区。通过Ethena GmbH的元素授权是我们一直在追求的各种选择之一。”

The firm emphasized that the decision does not impact USDe minting and redemption activities facilitated by Ethena BVI Limited, which services the “vast majority” of users.

该公司强调，该决定不会影响Ethena BVI Limited促进的USDE铸造和救赎活动，该活动为“绝大多数”用户服务。

The company also denied speculation of an asset freeze, asserting that all reserves remain available. It added that it plans to revise its terms of service in the coming week.

该公司还否认了对资产冻结的猜测，并断言所有储备仍然可用。它补充说，它计划在未来一周修改其服务条款。

BaFin’s rejection and planned action highlight the increasing scrutiny of stablecoins and synthetic yield instruments operating within or targeting European markets following the implementation of MiCA.

巴芬的拒绝和计划的行动强调了在实施MICA后在欧洲市场中运行或针对欧洲市场的合成产量工具的越来越多的审查。