BaFin Freezes Ethena GmbH's Asset Reserves over USDe Token Deficiencies Under MiCA

Germany’s financial regulator, BaFin, has identified significant deficiencies in Ethena GmbH’s approval process for its USDe token. As a result, BaFin has implemented immediate supervisory measures, including a ban on publicly offering the token and an order to freeze the company’s asset reserves held by depositary agencies. BaFin suspects that Ethena GmbH has been offering…