合成稳定发行人Ethena Labs关闭了德国的运营

该国最高金融监管机构巴芬（Bafin）标记合规性问题不到一个月

Ethena Labs, the issuer of the synthetic stablecoin USDe, is shutting down its operations in Germany after the country’s top financial regulator, BaFin, flagged compliance issues with its products.

合成Stablecoin USDE的发行人Ethena Labs在该国最高金融监管机构Bafin在其产品上标记了合规性问题后，将其在德国的运营关闭。

In an April 15 update, Ethena said it reached an agreement with BaFin to fully cease activities of its German subsidiary, Ethena GmbH. The firm also confirmed it will no longer seek authorization under the European Union’s Markets in Crypto-Assets Regulation (MiCA) in Germany.

埃塞纳（Ethena）在4月15日的更新中表示，它与巴芬达成了一项协议，以完全停止其德国子公司Ethena GmbH的活动。该公司还确认，在德国的加密资产管理法规（MICA）的欧盟市场下，它将不再寻求授权。

“Following an application for authorization under the European Union’s MiCAR in Germany, and after a period of cooperation, BaFin has decided not to authorize Ethena GmbH and will close the transitional arrangement open under the European MiCAR regulation for a limited period of time,’ Ethena Labs said.

Ethena Labs说：“在欧盟在德国的MICAR下申请了授权申请之后，在一段时间的合作之后，巴芬决定不授权Ethena GmbH，并将在有限的一段时间内关闭根据欧洲元素规定开放的过渡安排。”

The move follows BaFin’s order on March 21 to halt all minting and redeeming of USDe in the country, citing legal concerns and possible securities law violations. Ethena clarified that since BaFin’s intervention, the German entity has not handled any transactions involving USDe.

此举是在3月21日巴芬的命令之后，以法律问题和可能违反证券法的法律关注和可能的证券法，以阻止美国农业部的所有铸造和赎回。 Ethena澄清说，自巴芬干预以来，德国实体没有处理任何涉及USDE的交易。

“All whitelisted mint and redeem users previously interacting with Ethena GmbH have at their request been onboarded with Ethena (BVI) Limited instead and have no ongoing relationship with Ethena GmbH whatsoever,” the company said.

该公司表示：“所有以前与Ethena GmbH互动的白名单和赎回用户都应与Ethena（BVI）Limited一起使用，而与Ethena GmbH没有持续的关系。”

The Non-Traditional Peg Model Draws Scrutiny

非传统钉模型绘制了审查

Unlike conventional stablecoins such as Tether’s USDT and Circle’s USDC, which are backed by fiat reserves, Ethena’s USDe relies on a delta-neutral hedging strategy to maintain its dollar peg. The synthetic model includes a mix of spot holdings, onchain collateral, and liquidity buffers.

与菲亚特储备的支持的传统稳定蛋白（例如Tether的USDT和Circle的USDC）不同，Ethena的USDE依靠Delta中性的对冲策略来维持其美元PEG。合成模型包括斑点持有，OnChain抵押品和流动性缓冲区的混合。

The firm’s unique approach to stablecoin maintenance has been a subject of scrutiny from regulators. In March, BaFin intervened in response to concerns over Ezena’s compliance with German financial regulations. The regulator’s move ultimately led to the suspension of USDe minting and redemption on March 21.

该公司对稳定维护的独特方法一直是监管机构的审查。 3月，巴芬（Bafin）介入了对埃泽纳（Ezena）遵守德国金融法规的担忧。监管机构的举动最终导致3月21日暂停了USDE铸造和救赎。

USDe is currently the fourth-largest stablecoin, with a circulating supply of $4.9 billion, according to CoinMarketCap. However, BaFin’s pushback and MiCA’s tighter rules are raising barriers for synthetic stablecoins in the EU.

根据CoinMarketCap的数据，USDE是目前是第四大稳定币，供应量为49亿美元。但是，巴芬的反击和云母的更严格的规则正在提高欧盟合成稳定的障碍。

Ethena GmbH used a transitional arrangement under 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使用了欧洲MICAR法规的过渡安排，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，但前提是它们在2024年7月30日之前适用。但是，巴芬声称，埃塞娜·埃纳（Ethena Gmbh）于2024年6月28日在德国提供了5.4亿美元的价格，并在德国提供了USDE，并在此期间分发了5.4亿美元的价格。

Furthermore, BaFin maintains that Ezena applied for authorization to offer its services in several European Economic Area (EEA) states despite not having the necessary administrative, technical, and organizational capabilities to operate in such a large market.

此外，巴芬坚持认为，尽管没有必要的行政，技术和组织能力来在如此大的市场中运营，但Ezena申请授权在几个欧洲经济领域（EEA）州提供服务。

The financial regulator also raised concerns about Ethena GmbH offering its Ethena Staked sUSDe token as a security without the required prospectus in Germany.

金融监管机构还对Ethena GmbH表示担忧，将其Ethena固定的Susde Token作为安全性，没有德国所需的招股说明书。

In response, Ethena Labs stated that no assets had been frozen and that BaFin’s move wouldn’t affect USDe’s listings or minting and redemption processes handled by the company’s subsidiary, Ethena BVI Limited.

作为回应，Ethena Labs表示，没有资产被冷冻，巴芬的举动不会影响美国公司子公司Ethena BVI Limited处理的USDE清单，铸造和赎回过程。

“We are disappointed by the decision of the German Federal Financial Services Institution, BaFin, to close the transitional arrangement opened by BaFin for Ethena GmbH under the European MiCAR regulation and not to grant authorization for Ezena to operate in Germany,” the company said.

该公司说：“我们对德国联邦金融服务机构巴芬的决定感到失望，即在欧洲元素法规下为埃塞纳（Ethena）gmbh开设的过渡安排，而不是授予Ezena在德国运营的授权。”

“We respect the decision of the German regulator and will continue to explore other options and work with regulators in other jurisdictions to provide innovative and compliant products and services to our users.”

“我们尊重德国监管机构的决定，并将继续探索其他选择，并与其他司法管辖区的监管机构合作，为我们的用户提供创新和合规的产品和服务。”

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. USDe remains the third-largest USD-pegged stablecoin by market supply, behind USDC and USDT.

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。根据市场供应，USDE仍然是第三大美元的Stablecoin，仅次于USDC和USDT。

However, the USDe token carries some risks beyond those associated with traditional stablecoins. 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.

但是，USDE代币带来的风险超出了与传统稳定的风险。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。

The MiCA regulation — which came into full effect in late 2024— imposes strict rules on stablecoin issuers operating in the EU. Issuers must hold fully backed reserves, keep those reserves segregated from users’ assets, and adhere to regular disclosures.

云母法规（在2024年底就已经完全生效）对在欧盟运营的Stablecoin发行人施加了严格的规定。发行人必须持有完全支持的储量，使这些储量与用户资产隔离，并遵守常规披露。

So far, 10 euro-

我知道，10欧元 -