According to ChainCatcher, Ethena's official statement reveals that BaFin has notified Ethena GmbH, located in Frankfurt, that its MiCAR (Markets in Crypto-Assets Regulation) compliance application will not be approved. However, Ethena emphasizes that this decision will not affect USDe's current listing status on exchanges or the minting and redemption services provided through its British Virgin Islands entity, Ethena (BVI) Limited.
Ethena stated that USDe remains fully asset-backed, with no assets being "frozen" and all assets still available for redemption. The company will revise its service terms within the next week to reflect current changes. This event will not impact the normal usage process for most users.
Previous report indicated that the German Federal Financial Supervisory Authority discovered serious deficiencies in Ethena GmbH's approval process for USDe tokens, and ordered immediate mandatory measures to prohibit Ethena GmbH from offering USDe tokens to the public, instructing the company to have custodians freeze the corresponding asset reserves.
