Ethena responds to BaFin ban: USDe has not been frozen, casting and redemption services are proceeding normally

According to an official statement from Ethena, BaFin Germany has notified its Frankfurt based entity Ethena GmbH that its MiCAR compliance application will not be approved, but this decision does not affect USDe's current exchange listing and casting and redemption services through the British Virgin Islands entity Ethena (BVI) Limited. Ethena emphasized that USDe is still fully asset-backed and there is no possibility of it being "frozen". We will evaluate other regulatory pathways in the future and revise relevant service terms to reflect current changes within the next week. This event does not affect the normal usage process of most users.