德国的金融监管机构Bafin阻止了Ethena Labs的子公司Ethena GmbH，在该国提供了USD的USD stablecoin。

巴芬在USDE的授权过程中引用了“严重的缺陷”，并指示该公司冻结其与StableCoin相关的资产储备。

Germany’s financial regulator has stopped Ethena GmbH, a subsidiary of Ethena Labs, from offering its USD-pegged stablecoin, USDe, in the country.

德国的金融监管机构已阻止Ethena Labs的子公司Ethena GmbH在该国提供其USD稳定的USDE。

According to a statement by BaFin, the move follows "serious deficiencies" in the authorization process for USDe and has seen the regulator instruct the company to freeze its asset reserves tied to the stablecoin.

根据巴芬的一份声明，此举遵循USDE的授权过程中的“严重缺陷”，并看到监管机构指示公司冻结与Stablecoin相关的资产储备。

Ethena GmbH had been using a transitional arrangement in the European MiCAR regulation, which allows cryptocurrency issuers to continue operations until they are granted or denied authorization, provided they apply by July 30, 2024. However, BaFin claims that Ethena GmbH began offering USDe in Germany on June 28, 2024, and distributed a big portion of its 5.4 billion USDe tokens outside Germany before this date.

Ethena GmbH一直在欧洲MICAR法规中使用过渡安排，该法规允许加密货币发行人继续运营，直到获得或拒绝授权，只要他们在2024年7月30日之前适用。但是，Bafin声称，Ethena Gmbh于6月28日在2024年6月28日在2024年在德国提供了一个大型Porterion，并在此期间提供了5.4 cyken the Cyken，并在此期间分配了该公司。

Furthermore, BaFin noted that Ethena GmbH is offering its Ethena Staked sUSDe token as a security without the required prospectus in Germany.

此外，巴芬指出，Ethena GmbH正在将其Ethena固定的Susde代币作为安全性，没有德国所需的招股说明书。

In response, Ethena Labs said that no assets have been frozen and BaFin’s move won’t affect USDe’s listings or minting and redemption processes handled by its subsidiary, Ethena BVI Limited.

作为回应，Ethena Labs表示，没有资产被冻结，巴芬的举动不会影响USDE的清单，其子公司Ethena BVI Limited处理的销售和铸造和赎回过程。

The company was disappointed by the decision and will continue to explore alternative regulatory frameworks.

该公司对该决定感到失望，并将继续探索替代性监管框架。

Ethena Labs had been pursuing MiCAR authorization for its stablecoin, but with the application now set to be rejected, the firm plans to evaluate other options.

Ethena Labs一直在为其Stablecoin寻求MICAR授权，但由于该申请将被拒绝，因此公司计划评估其他选择。

USDe is the third-largest USD-pegged stablecoin by market supply, behind USDC and USDT. However, the token carries some risks that go beyond those associated with traditional stablecoins.

USDE是市场供应，仅次于USDC和USDT，是第三大美元的Stablecoin。但是，令牌带来的风险超出了与传统稳定的风险相关的风险。

The token is backed by a delta-neutral position that balances a basket of staked ether derivatives with ether shorts on centralized exchanges. This setup generates a yield as long as funding rates remain positive, which has historically been the case.

代币的支持是三角洲中立的位置，该位置与集中式交易所的一篮子固定的醚衍生物与以太短裤之间的平衡。只要资金率保持积极，这种设置就会产生收益率，从历史上讲，情况就是如此。

The primary risk to USDe is if funding rates were to turn negative for an extended period, reducing the yield to zero or depleting its assets. Other risks include custodial counterparty risks associated with holding assets on centralized exchanges.

USDE的主要风险是，如果资金率在长时间内变为负，将收益率降低到零或消耗其资产。其他风险包括与集中式交易所持有资产有关的保管对手风险。

With its rapid growth, Arthur Hayes, a key backer and the founding advisor of Ethena, predicts that USDe could soon hit $1 billion in TVL, positioning it as a competitor to the well-known stablecoin Tether.

凭借其快速增长，主要支持者和Ethena的创始顾问亚瑟·海斯（Arthur Hayes）预测，USDE很快可能会在TVL中达到10亿美元，将其定位为竞争对手，成为众所周知的Stablecoin Tether。

The concept for USDe was inspired by Hayes’ “Dust on Crust” blog post, envisioning a stablecoin backed by crypto-native derivatives and operating outside the traditional banking system.

USDE的概念的灵感来自Hayes的“灰尘”博客文章，设想了一个由加密本地衍生产品支持的稳定者，并在传统的银行系统之外运行。

In addition to USDe, Ethena has also introduced a dollar-denominated “Internet bond,” a savings instrument that generates value through the staked version of USDe (sUSDe).

除USDE外，Ethena还推出了一个以美元计价的“互联网债券”，这是一种储蓄工具，通过Staked版本的USDE（SUSDE）产生价值。