Ethena Labs退出德国，在Bafin执法行动后撤回MACAR授权申请

该决定是在德国财务监督当局巴芬（Bafin）的执法行动之后提出的，该机构已命令该公司停止在德国领土上公开出售USDE。

Ethena Labs, the company behind the synthetic stablecoin USDe, announced on April 15 the closure of its German entity, Ethena GmbH, and the withdrawal of the application for authorization under the European regulation MiCAR (Markets in Crypto-Assets Regulation).

合成稳定的USDE背后的公司Ethena Labs于4月15日宣布了其德国实体Ethena GmbH的关闭，并根据欧洲法规MICAR（Crypto-Assets法规中的市场）撤回了授权申请。

The decision follows an enforcement action by the German financial supervisory authority, BaFin, which has ordered the company to cease the public sale of USDe in German territory.

该决定是在德国财务监督当局巴芬（Bafin）的执法行动之后，该机构命令该公司停止在德国领土上公开出售USDE。

In a statement released on X, Ethena Labs stated:

在X上发布的一份声明中，Ethena Labs指出：

“We have agreed with BaFin to cease all activities of Ethena GmbH and we will no longer pursue the MiCAR authorisation in Germany”.

“我们已经同意巴芬的同意，以停止Ethena GmbH的所有活动，我们将不再攻读德国的授权”。

The company also specified that all users previously registered through the German branch have been transferred to its affiliated entity based in the British Virgin Islands, Ethena (BVI) Limited.

该公司还规定，以前通过德国分支机构注册的所有用户都已转移到其位于英国维尔京群岛Ethena（BVI）Limited的关联实体。

The operational transition was rapid and seamless. Since March 21, 2025, Ethena GmbH has no longer conducted creation or redemption operations of USDe. All activities are now managed by Ethena (BVI) Limited, which continues to issue USDe, with a current circulation of approximately 5.4 billion tokens.

操作过渡是迅速而无缝的。自2025年3月21日以来，Ethena GmbH不再进行USDE的创建或赎回操作。现在，所有活动均由Ethena（BVI）Limited管理，该Limited继续发布USDE，目前的发行量约为54亿个令牌。

According to what was reported by the company, Ethena GmbH no longer has registered users nor direct clients. Furthermore, the majority of USDe tokens in circulation were issued outside of Germany and before the entry into force of the MiCAR.

根据该公司报告的内容，Ethena GmbH不再有注册用户或直接客户。此外，在德国境外和元素生效之前，发行了大多数USD代币。

The reasons behind BaFin’s refusal

巴芬拒绝的原因

The rejection of the MiCAR authorisation application by BaFin, made public on March 25, was due to “serious deficiencies” in the company’s organisational structure and non-compliance with regulatory standards regarding capital reserves and capital adequacy.

Bafin于3月25日公布的Bafin拒绝MICAR授权申请归因于公司的组织结构“严重缺陷”，并且不符合有关资本储备和资本充足性的监管标准。

Another critical point raised by BaFin concerns the token sUSDe, a variant of USDe that offers returns to investors. According to the German authority, sUSDe could be classified as a financial instrument under German regulations, which would entail the obligation of a registered prospectus for public offerings.

Bafin提出的另一个关键点是USDE的代币Susde，它为投资者提供了回报。根据德国当局的说法，根据德国法规，苏斯德可以被归类为金融工具，这需要履行注册招股说明书公开募股的义务。

Following these evaluations, BaFin has undertaken a series of supervisory actions, including the blocking of public offers of USDe in Germany and the order to custodians to freeze reserve assets. However, it has been clarified that the secondary trading of USDe is not subject to restrictions, while redemption operations through the German branch remain limited.

经过这些评估，巴芬采取了一系列监督行动，包括阻止德国USDE的公众提议以及托管人冻结储备金资产的命令。但是，已经澄清的是，USDE的次要交易不受限制，而通过德国分支机构进行的赎回操作仍然有限。

MiCAR and the new European regulatory landscape

元素和新的欧洲监管景观

The exit of Ethena Labs from Germany represents an emblematic case of the difficulties that crypto companies are facing in the European context. The MiCAR regulation, which fully comes into effect at the end of 2024, imposes stringent requirements for stablecoin issuers, including:

来自德国的Ethena Labs的退出代表了加密公司在欧洲背景下面临的困难的象征案例。在2024年底完全生效的《元法》对Stablecoin发行人施加了严格的要求，其中包括：

Stablecoins are now classified into two main categories: asset-referenced tokens and e-money tokens, each subject to specific rules.

现在将Stablecoins分为两个主要类别：资产引用的令牌和电子货币令牌，每个标记都符合特定规则。

In response to these new regulations, several exchange platforms have already begun to adapt. Kraken and Crypto.com have removed USDT by Tether from their listings, while Binance eliminated, on March 3, several non-compliant stablecoins throughout the European Economic Area, including DAI, FDUSD, and PAXG.

为了响应这些新法规，几个交换平台已经开始适应。 Kraken和Crypto.com已从其列表中删除了USDT，而Binance于3月3日淘汰了整个欧洲经济领域的几种不合规的Stablecoins，包括Dai，Fdusd和Paxg。

Multi-jurisdictional strategy: a response to regulatory pressures

多义大利战略：对监管压力的回应

The Ethena case highlights a growing trend among crypto companies: the migration towards more flexible jurisdictions to ensure operational continuity. The choice of the British Virgin Islands by Ethena Labs reflects a pragmatic strategy to circumvent European regulatory barriers while keeping their business model active.

Ethena案强调了加密公司的趋势增长：向更灵活的司法管辖区的移民以确保运营连续性。 Ethena Labs对英属维尔京群岛的选择反映了一项务实的战略，以避免欧洲监管障碍，同时保持其商业模式活跃。

This jurisdictional flexibility becomes crucial in a context where authorities, like BaFin, are adopting an increasingly strict approach, especially towards synthetic stablecoin that are not backed by traditional assets.

在像巴芬这样的当局采用越来越严格的方法的情况下，这种管辖权的灵活性变得至关重要，尤其是针对不受传统资产支持的合成稳定的方法。

Case Ethena Labs: implications for the future of stablecoins in Europe

案例Ethena Labs：对欧洲Stablecoin的未来的影响

The exit of Ethena Labs from the German market puts a spotlight on the pressing issues surrounding the future of stablecoins in Europe. On one hand, the MiCAR regulation aims to protect investors and ensure financial stability. On the other hand, there's a risk of stifling innovation, pushing companies towards less regulated offshore markets.

德国市场的Ethena Labs出口对欧洲Stablecoins未来的紧迫问题引起了人们的关注。一方面，《危机法规》旨在保护投资者并确保财务稳定。另一方面，有扼杀创新的风险，将公司推向受监管的离岸市场较少。

Moreover, regulatory uncertainty can negatively impact user confidence, making it essential for stablecoin issuers to adopt transparent and compliant practices to maintain their long-term credibility.

此外，监管不确定性可能会对用户的信心产生负面影响，这对于Stablecoin发行人采用透明和合规的做法以维持其长期信誉至关重要。

A new balance between innovation and regulation

创新与监管之间的新平衡

The Ethena case represents a turning point for the crypto industry in Europe. The authorities are clearly raising the bar, and companies will have to adapt to an environment where compliance and transparency are no longer optional, but fundamental requirements.

Ethena案代表了欧洲加密行业的转折点。当局显然正在提高标准，公司将不得不适应合规性和透明度不再是可选的环境，而是基本要求。

The challenge now will be to find a balance between the need to regulate a rapidly evolving sector and the desire not to hinder technological innovation. In this scenario, the ability of companies to operate in multiple jurisdictions and to adapt quickly to regulatory changes will be crucial for their success.

现在的挑战将是在规范快速发展的部门的需求与不阻碍技术创新的愿望之间找到平衡。在这种情况下，公司在多个司法管辖区运营并迅速适应监管变更的能力对他们的成功至关重要。

Ultimately, the story of Ethena Labs is not just an isolated case, but a clear signal: the era of crypto regulation in Europe has begun, and with it, a new phase of transformation for the entire stablecoin ecosystem.

最终，Ethena Labs的故事不仅是一个孤立的案例，而且是一个明确的信号：欧洲的加密监管时代已经开始，随之而来的是整个Stablecoin生态系统的新转型阶段。