PANews reported on March 21 that according to an official statement from Ethena, the German BaFin has notified that the MiCAR compliance application for its Frankfurt-based entity Ethena GmbH will not be approved. However, this decision does not affect the current exchange listing of USDe or the minting and redemption services through the British Virgin Islands entity Ethena (BVI) Limited.
Ethena emphasized that USDe remains fully asset-backed and is not "frozen". They will assess other regulatory pathways and will revise related service terms within the next week to reflect current changes. This event does not affect the normal usage process for most users.
