German Regulator Concludes Inquiry into Ethena GmbH’s USDe Offering

The German Federal Financial Supervisory Authority (BaFin) has publicly stated the completion of its investigation into Ethena GmbH concerning its issuance of the USDe stablecoin. The inquiry was initiated earlier this year to ascertain whether USDe tokens should be categorized as regulated securities under German law. Following a detailed review of documents and information provided by Ethena GmbH, BaFin has concluded that USDe does not meet the criteria for classification as a financial instrument necessitating a license. This decision underscores BaFin’s dedication to fostering innovation within the cryptocurrency sector while simultaneously maintaining regulatory compliance. Ethena GmbH has welcomed the outcome, stating that it aligns with their understanding of USDe’s regulatory adherence. The company plans to continue engaging closely with regulatory bodies to ensure its operations remain transparent and compliant.