Odaily Planet Daily News On March 21, the German Federal Financial Supervisory Authority (BaFin) announced a ban on Frankfurt-based Ethena GmbH from publicly issuing its asset-referenced token USDe, and required the freezing of corresponding asset reserves through a custodian. BaFin said that Ethena GmbH was suspected of issuing securities without submitting a prospectus, and violated MiCAR regulations in terms of asset reserves and own funds requirements.
In response, Ethena responded on the social platform that its Ethena GmbH's MiCAR application was not approved, but its business was mainly undertaken by Ethena Limited, a British Virgin Islands (BVI) registered entity, which supports the vast majority of USDe minting and redemption operations. Currently, USDe continues to be fully reserved, assets have not been frozen, and relevant terms will be updated within a week.