Regulator halts Ethena’s USDe stablecoin offering in Germany over concerns

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Description

The German financial supervisory agency Bundesanstalt für Finanzdienstleistungsaufsicht, or BaFin, stopped the Frankfurt-based Ethena Labs subsidiary Ethena GmbH from publicly offering its USD-pegged stablecoin USDe.

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Article

Authors

MK Manoylov

Publish date

12:00am, Friday, March 21, 2025

Publisher

The Block

Web URL

https://www.theblock.co/post/347532/regulator-halts-ethenas-usde-stablecoin-offering-in-germany-over-concerns

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BaFin halted Ethena’s USDe offering in Germany

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The halt was due to BaFin identifying ‘serious deficiencies in Ethena GmbH's USDe token authorization,’ instructing Ethena GmbH to freeze its USDe asset reserve.

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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

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Referenced by

BaFin halted Ethena’s USDe offering in Germany

The halt was due to BaFin identifying ‘serious deficiencies in Ethena GmbH's USDe token authorization,’ instructing Ethena GmbH to freeze its USDe asset reserve.

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