德国的Bafin Bans Bans Bans USDE代币产品来自Ethena GmbH，冻结资产储量

德国的金融监管机构巴芬（Bafin）已经确定了埃塞娜（Ethena）gmbH的批准程序的大量缺陷。

Germany's financial regulator, BaFin, has identified significant deficiencies in Ethena GmbH’s approval process for its USDe tokens, leading to immediate supervisory measures.

德国的金融监管机构巴芬（Bafin）已经确定了埃塞纳（Ethena GmbH）的USDE代币批准过程中的严重缺陷，从而立即采取了监督措施。

As a result, BaFin has banned the public offering of the USDe tokens and ordered the freezing of the company’s asset reserves held by depositary agencies. This action follows an application by Ethena GmbH for approval under the Markets in Crypto-Assets Regulation (MiCA).

结果，巴芬禁止公开募股USDE代币，并下令冻结公司的资产储备。该行动遵循Ethena GmbH在Crypto-Assets法规（MICA）中申请批准的申请。

Moreover, BaFin suspects that Ethena GmbH has been offering securities in Germany without an approved prospectus. Further regulatory steps, which may include a ban on these offerings, are being contemplated.

此外，巴芬（Bafin）怀疑埃塞娜（Ethena）gmbH一直在未经批准的招股说明书的情况下提供德国的证券。正在考虑进一步的监管步骤，其中可能包括对这些产品的禁令。

5.4 Billion USDe Tokens Circulate Globally

54亿美元的代币在全球播放

Based in Frankfurt am Main, Ethena GmbH is the issuer of the USDe token, recognized as an asset-referenced token under MiCA. The company utilizes various crypto assets and an algorithmic hedging strategy to maintain parity with the US dollar.

Ethena GmbH总部位于Frankfurt Am Main，是USDE代币的发行人，在Mica下被公认为是资产引用的令牌。该公司利用各种加密资产和算法对冲策略来保持与美元的均等。

Issuers of asset-referenced tokens can operate transitional periods as stipulated by MiCA. Ethena GmbH had applied for approval but began issuing USDe in Germany before it was granted.

资产引用的代币的发行人可以按照云母规定的过渡期运营。 Ethena GmbH已申请批准，但在批准之前就开始在德国发行USDE。

Currently, around 5.4 billion USDe tokens are in circulation, with a significant portion issued outside Germany before MiCA’s implementation. Additionally, Ethena BVI Limited, based in the British Virgin Islands, has been issuing the token since the beginning of 2025.

目前，大约54亿美元的USDE代币正在流通，在MICA实施之前，在德国以外的地方发行了很大一部分。此外，自2025年初以来，总部位于英属维尔京群岛的Ethena BVI Limited（Ethena BVI Limited）一直在发行令牌。

During its review, BaFin identified shortcomings in Ethena GmbH’s business organization and non-compliance with MiCA’s provisions on asset reserves and capital.

在审查期间，巴芬确定了埃塞纳（Ethena GmbH）的业务组织中的缺点，并且不遵守MICA关于资产储量和资本的规定。

The regulator will provide further updates once the approval process concludes.

一旦批准过程得出结论，监管机构将提供进一步的更新。