Ethena applied for MiCA licensing on July 29, 2024, but continued offering USDe in Germany during the review period until BaFin denied the request on March 21, 2025.

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Ethena applied for MiCA licensing on July 29, 2024, but continued offering USDe in Germany during the review period until BaFin denied the request on March 21, 2025.

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BaFin claims that Ethena GmbH has been offering USDe in Germany since June 28, 2024, and has been offering a ‘large portion’ of its 5.4 billion USDe token supply outside of Germany before that same date
Ethena GmbH submitted an application to create a public USDe offering with BaFin as of Jul. 29, 2024… MiCA's grandfathering provision let Ethena GmbH issue USDe ‘during the authorization process.

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