Ethena Labs, those audacious chaps behind the synthetic stablecoin USDe, have announced the rather dramatic shuttering of their German subsidiary, Ethena GmbH. One might say they’ve packed their lederhosen and left the building. 🚪
Alas, Ethena Labs will no longer be pursuing regulatory approval under the EU’s Markets in Crypto-Assets Regulation. A decision, no doubt, made with the sort of reluctance one reserves for attending a Wagner opera. The reason? A March enforcement action by Germany’s financial regulator, BaFin, which ordered the company to cease all public sales of USDe (USDe) due to MiCAR noncompliance. How dreadfully inconvenient! 😒
In a statement posted to X (formerly, and perhaps better known as, Twitter), Ethena Labs confirmed it had reached an agreement with BaFin to wind down all activities of its German entity. The company, with a touch of theatrical flair, emphasized that since March 21, all minting and redemption of USDe have been conducted through Ethena Limited, their entity in the British Virgin Islands. A rather elegant escape, wouldn’t you agree? 🏝️
We have agreed with BaFin to wind down all activities of Ethena GMBH and will no longer be pursuing the MiCAR authorization in Germany.
As communicated previously, Ethena GmbH has not conducted any mint or redeem activity since March 21, 2025, and all activity has been carried…
— Ethena Labs (@ethena_labs) April 15, 2025
Users previously onboarded through Ethena GmbH have transitioned to the BVI platform, and the German entity no longer has any customers or active operations. One can only imagine the farewell parties. Champagne, darling? 🥂
Ethena’s ‘serious flaws’
BaFin’s March order cited “serious flaws” in Ethena GmbH’s approval process and raised concerns that the firm may have been selling unregistered securities in the form of sUSDe tokens. The regulator, with a distinct lack of humor, also froze USDe reserves held by Ethena’s custodian, forced the closure of the company’s local website, and prohibited further customer onboarding. One might call it a bit of a kerfuffle. 🎭
Although the regulatory crackdown impacts only primary sales, Ethena stated the listing of USDe on secondary markets remains unaffected. The company, ever the optimist, said it was disappointed by the MiCAR denial but is continuing to assess alternative regulatory paths. One imagines they’re currently consulting oracles and tea leaves. 🔮
Stablecoin compliance has become a key focus of EU regulators ahead of MiCAR’s full implementation. Ethena’s exit from the German market underscores the increasing pressure on crypto issuers to navigate a fragmented but tightening European regulatory landscape. The plot thickens, doesn’t it? 🧐
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2025-04-15 17:30