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Due to regulatory pressure, Ethena GmbH, creator of dollar-backed stablecoin USDe, will end operations in Germany. BaFin is the German authority that enforces regulations. The Market in Crypto Assets Regulation (MiCA) is the regulatory body that judges whether a crypto asset is an unlicensed security. Ethena is based in Frankfurt and operates a layer 1 blockchain. USDe is the fourth-largest stablecoin in terms of market capitalization. USDe further allows users to yield funds through Ethereum staking, and makes money through delta hedging of derivatives.
On March 21, Germany’s top financial regulator deemed Ethena GmbH, including the USDe, suffering serious defi...
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