Source: Cointelegraph Original: "{title}"
Synthetic stablecoin developer Ethena Labs has decided to shut down its operations in Germany less than a month after regulators discovered "deficiencies" in its USDe stablecoin, which is pegged to the US dollar, marking an increasing regulatory scrutiny of crypto assets in Europe's largest economy.
According to an announcement on April 15, Ethena Labs has reached an agreement with the Federal Financial Supervisory Authority (BaFin) in Germany to cease all operations of its local subsidiary, Ethena GmbH.
Source: Ethena Labs
As a result, Ethena Labs stated that it "will no longer pursue MiCAR authorization in Germany," referring to the Markets in Crypto-Assets Regulation (MiCAR).
The company reiterated that since March 21, Ethena's German subsidiary has not conducted any minting or redemption activities for USDe, at which point BaFin suspended activities related to the stablecoin. As reported by Cointelegraph at the time, German regulators found compliance errors and potential violations of securities laws concerning USDe.
The company stated: "All whitelist users who previously conducted minting and redemption operations with Ethena GmbH have been transferred to Ethena (BVI) Limited at their request and have no further relationship with Ethena GmbH."
Unlike popular stablecoins USDT and USDC, Ethena's USDe maintains its peg to the US dollar through an automated delta hedging strategy, which includes a combination of spot holdings, on-chain custody, and liquidity buffers.
According to CoinMarketCap, USDe is the fourth-largest stablecoin, with a total circulating market value of $4.9 billion.
The $233 billion stablecoin market is primarily dominated by USDT and USDC. Source: CoinMarketCap
MiCA Tightens Regulation on Stablecoin Usage
MiCA is a comprehensive framework for the use of cryptocurrencies within the European Union, enforcing strict compliance standards and consumer protection measures.
To meet the new requirements, stablecoin issuers must ensure that their tokens are sufficiently backed by reserves, keep reserve assets separate from user assets, and fulfill regular reporting obligations.
As of February, 10 stablecoin issuers have received MiCA approval, including Circle, Crypto.com, Societe Generale, and Membrane Finance.
Patrick Hansen, Senior Director of EU Strategy and Policy at Circle, stated in an interview with Cointelegraph that 10 euro-pegged stablecoins and 5 US dollar-pegged stablecoins have been approved to date.
However, it is noteworthy that Tether, the issuer of USDt, did not appear on this list, as Tether has decided not to seek MiCA registration for the time being.
Related: Reportedly, due to tariff turmoil, Bitdeer shifts to self-operated Bitcoin mining and US business.
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