Ethena Labs放弃了为其USDE Stablecoin寻求欧盟授权的计划

Ethena Labs放弃了为其USDE Stablecoin寻求欧盟授权的计划。加密初创公司将使其德国分支机构Ethena GmbH的活动结束。

Ethena Labs has abandoned the plan to seek EU-based authorization for its USDe stablecoin. The crypto startup will wind down the activities of its German branch Ethena GMBH.

Ethena Labs放弃了为其USDE Stablecoin寻求欧盟授权的计划。加密初创公司将使其德国分支机构Ethena GmbH的活动结束。

Ethena Labs has agreed with the German financial authorities (BaFin) to abandon attempts at authorizing its USDe stablecoin under MiCA regulations. Ethena Labs operated in the country under a previous agreement for leeway after the enforcement of MiCA.

Ethena Labs已同意德国金融当局（Bafin）放弃根据MICA法规授权其USDE Stablecoin的尝试。在云母执行后，根据先前的余地协议在该国进行了埃塞纳实验室。

Despite the attempts of Ethena to offer a regulated stablecoin, BaFin banned the startup from offering its stablecoin in Germany. Ethena Labs announced no assets have been frozen, either fiat or on-chain. However, the crypto protocol was aware back in March that BaFin was probably not going to extend more time to build a MiCA-compliant asset.

尽管Ethena试图提供受监管的Stablecoin，但巴芬还是禁止该初创公司在德国提供其稳定的。 Ethena Labs宣布尚未冻结资产，无论是菲亚特还是链上。但是，该加密协议在3月份意识到巴芬可能不会延长更多时间来建立符合云母的资产。

As a result, all German buyers of USDe have been transferred to the international branch of Ethena Labs. The startup announced the change as it stopped issuing and redeeming USDe through Ethena GMBH since March 11.

结果，USD的所有德国买家都被转移到Ethena Labs的国际分支机构。这家初创公司宣布了这一变化，因为它停止发行并通过Ethena Gmbh发行并赎回USDE。

We have agreed with BaFin to wind down all activities of Ethena GMBH and will no longer be pursuing the MiCAR authorization in Germany.

我们已经同意巴芬（Bafin）的同意，以限制Ethena GmbH的所有活动，并且将不再在德国寻求MICAR授权。

As communicated previously, Ethena GmbH has not conducted any mint or redeem activity since March 21, 2025, and all activity has been carried…

如前所述，自2025年3月21日以来，Ethena GmbH从未进行过任何薄荷或赎回活动，并且所有活动都已进行…

— Ethena Labs (@ethena_labs) April 15, 2025

- 2025年4月15日

German users will still retain their access to USDe, but this time, the asset will be issued by Ethena BVI, outside the requirements and protections of German financial laws. German traders will retain their right to own USDe, independent of the issuer.

德国用户仍将保留其访问USDE的访问权限，但是这次，资产将由Ethena BVI发行，除了对德国金融法的要求和保护之外。德国交易者将保留独立于发行人的USDE拥有USDE的权利。

USDe was one of the most contentious stablecoins, as its dollar-based value is algorithmically formed. MiCA regulations have been harsh to the stablecoin space, with just 11 assets fitting the bill for problem-free distribution in the EU. USDe and its passive income opportunities for staking are outside the scope of MiCA, which mostly focuses on fiat-backed tokens with provable banking reserves.

USDE是最有争议的Stablecoins之一，因为其基于美元的价值是算法形成的。云母法规对Stablecoin空间非常苛刻，只有11个资产适合欧盟中的无问题分配。 USD及其被动收入的积分机会不在云母范围之内，该云母主要集中在菲亚特支持的代币，并具有可证明的银行储备。

Ethena aims to evolve USDe use cases

Ethena的目的是发展USDE用例

Ethena continues to evolve its USDe asset, while aiming for more representation on DeFi lending protocols. The asset will soon reveal a regular proof-of-reserves program, to show evidence the token was also protected by a crypto reserve.

Ethena继续发展其USDE资产，同时旨在更多地代表Defi Lengend协议。资产将很快揭示定期的居住计划，以显示令牌也受到加密保护区的保护。

The first reserve claim for USDe was published on April 11. According to Ethena’s own reporting, the supply of tokens is over $5B, backed by assets valued at $5.1B.

USDE的第一个储备索赔于4月11日发布。根据Ethena自己​​的报告，代币的供应超过5B美元，由价值5.1B美元的资产支持。

Despite the transparency, USDe remains at best a crypto-backed stablecoin, insufficient for MiCA certification. USDe reports reserves with a basket of approved coins and tokens, including BTC, ETH, stETH, mETH, WBETH, SOL, USDT, USDC, USDtb, and sUSDS. Previously, Ethena Labs posted a monthly attestation, expanding the report to account for all on-chain assets.

尽管具有透明度，但美国农业部充其量仍然是加密货币支持的稳定性，不足以进行云母认证。 USDE Reports Reports Reserve用一篮子批准的硬币和代币，包括BTC，ETH，Steth，Meth，Wbeth，Wbeth，Sol，USDT，USDC，USDC，USDTB和SUSDS。以前，埃塞纳实验室（Ethena Labs）发布了每月的证明，扩大了报告以说明所有链资产。

Ethena Labs also carries over $8.7B in crypto assets, based on a wallet tagged by Arkham Intelligence.

Ethena Labs还基于Arkham Intelligence标记的钱包，还拥有超过$ 8.7B的加密资产。

Ethena decreases USDe supply

Ethena减少USDE供应

The EU and German distribution of USDe was a contentious issue for Ethena. At the same time, Ethereum (ETH) lost its bullish prognosis, meaning Ethena could not rely on predictable funding fees from exchanges.

欧盟和德国的USDE分布是埃塞纳的一个有争议的问题。同时，以太坊（ETH）失去了看涨的预后，这意味着Ethena不能依靠交流中可预测的资金费用。

As a result, the supply of USDe decreased from a peak above $6.1B down to $4.9B. Trading volumes also slowed down to around $50M. USDe remains widely used for DeFi, with a big part of its volumes on Uniswap and other DEXs. Staked SUSDe, however, expanded, up to 2.15B, trading at a premium of $1.16.

结果，USDE的供应从高于$ 6.1B的峰值下降到$ 4.9B。交易量也减慢到5000万美元左右。 USDE仍然广泛用于DEFI，其在Uniswap和其他DEX上的数量很大。然而，固定的Susde扩大了2.15B，溢价为1.16美元。

For the same three-month period, ENA also lost value, from around $0.93 down to $0.29. The token is on track to erase all gains since September 2024, when it traded at around $0.20.

在相同的三个月时期，ENA还损失了价值，从0.93美元下降到0.29美元。自2024年9月以来，该代币的交易价格约为0.20美元，就可以消除所有收益。