Ethena Labs, the team behind the synthetic stablecoin USDe, announced it has shut down its German subsidiary, Ethena GmbH.
Ethena Labs will also no longer pursue regulatory approval under the EU’s Markets in Crypto-Assets Regulation. The decision follows a March enforcement action by Germany’s financial regulator, BaFin, which ordered the company to halt all public sales of USDe Ethena USDe
usde 0.01% Ethena USDe due to MiCAR noncompliance.
In a statement posted to X, Ethena Labs confirmed it had reached an agreement with BaFin to wind down all activities of its German entity. The company emphasized that since March 21, all minting and redemption of USDe have been conducted through Ethena Limited, its entity in the British Virgin Islands.
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.#WCTonBinance #BitcoinWithTariffs #Ethena! $ENA
