Bafin prohibits Usde offer from Ethena GmbH: Regulatory uncertainties for StableCoin market in Germany

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Regulatorische Maßnahmen der BaFin gegen Stablecoin-Anbieter Ethena Die Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) hat am 21. März 2025 bedeutende regulatorische Entscheidungen getroffen, die den Stablecoin USDe der Ethena GmbH betreffen. Diese Maßnahmen werfen essentielle Fragen zur künftigen regulatorischen Behandlung ähnlicher Produkte in Deutschland und der Europäischen Union auf. BaFin ordnet Einstellung des USDe-Angebots an Die BaFin hat das Angebot des an den US-Dollar gekoppelten Stablecoins USDe in Deutschland verboten. Grund hierfür ist die Klassifizierung des Tokens als elektronisches Geld (E-Geld), dessen Ausgabe rechtliche Genehmigungen nach dem Zahlungsdiensteaufsichtsgesetz (ZAG) erfordert. Da die Ethena GmbH, ein Unternehmen mit Sitz in Berlin, über die …
Regulatory measures by BaFin against StableCoin provider Ethena The Federal Financial Supervisory Authority (BAFIN) made significant regulatory decisions on March 21, 2025, which affect StableCoin Usde of Ethena GmbH. These measures raise essential questions about the future regulatory treatment of similar products in Germany and the European Union. BaFin arranges the Usde offer to the BaFin bafin banned the offer of the stable coin in Germany coupled to the US dollar. The reason for this is the classification of the token as electronic money (E-money), the issue of which requires legal permits according to the payment service supervisory law (ZAG). Since Ethena GmbH, a company based in Berlin, about ... (Symbolbild/KNAT)

regulatory measures of BaFin against StableCoin provider Ethena

The Federal Financial Service Supervisory Authority (BaFin) made significant regulatory decisions on March 21, 2025, which affect StableCoin Usde of Ethena GmbH. These measures raise essential questions about the future regulatory treatment of similar products in Germany and the European Union.

bafin arranges the setting of the Usde offer

BAFIN has banned the offer of the Stablecoins, which is coupled to the US dollar, in Germany. The reason for this is the classification of the token as electronic money (E-money), the issue of which requires legal permits according to the payment service supervisory law (ZAG). Since Ethena GmbH, a company based in Berlin, does not have the necessary permission, the offer was prevented.

The company had previously tried to receive an approval as part of the new European regulatory guidelines for crypto-assets, known as markets in Crypto-Assets Regulation (Micar). However, the application for admission was rejected by Bafin, and the stable coin is now classified as e-money, which entails additional regulatory requirements.

reaction of ethena and effects on the company

ethena has confirmed that the admission under Micar has not been approved and checks alternative regulatory framework in order to maintain business operations in Germany. In a statement on platform X, the company made it clear that the BaFin decision had no influence on Usde's existing listings. The processes for mining and redemption via the Ethena (BVI) Limited therefore remain undisturbed. Ethena also assured that StableCoin Usde was still fully secured.

"Contrary to some reports, no assets were frozen and all are available for redemption," said Ethena.

The company plans to adapt its terms and conditions in the coming week to meet the new regulatory requirements.

Technical background of the Usde StableCoins

The Usde-StableCoin is directly linked to the US dollar, but has an innovative technology: Ethena acquires Ethereum (ETH) and secures this position by selling ETH futures. With this mechanism, the company claims to have created a high -yield stable coin that can offer users advantages in a volatile market.

corporate structure and regulatory implications

ethena operates in several legal systems, and while the German subsidiary is directly affected by the decision of BaFin, most MINT operations are carried out by Ethena (BVI) Limited, which is not directly affected.

The classification of the Usde as an e-money has extensive regulatory consequences and reflects the growing supervision of the cryptos sector. Germany and the European Union pursue strict requirements for crypto-assets that require corresponding adjustments from providers.

This decision of Bafin could also have a signal effect on similar stablecoin projects in the European Union, which are either already active or are planning an activity. Providers of crypto-assets should adapt to increased regulatory control and obtain the necessary permits in good time.

Overall, the BaFin decision illustrates the challenges with which crypto providers are faced with, and the need to proactively consider regulatory framework conditions.