{"id":153497,"date":"2025-03-22T17:00:15","date_gmt":"2025-03-22T15:00:15","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=153497"},"modified":"2025-03-22T13:11:06","modified_gmt":"2025-03-22T11:11:06","slug":"germany-blocks-major-altcoins-stablecoin-offering-amid-regulatory-issues","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/germany-blocks-major-altcoins-stablecoin-offering-amid-regulatory-issues\/","title":{"rendered":"Germany Blocks Major Altcoin’s Stablecoin Offering Amid Regulatory Issues"},"content":{"rendered":"

The halt<\/a> <\/strong>was prompted by BaFin\u2019s discovery of significant issues with the company\u2019s authorization process for the stablecoin, leading the regulator to instruct Ethena to freeze its USDe asset reserves.<\/p>\n

The conflict centers around the European Union\u2019s regulatory framework for digital assets, MiCA (Markets in Crypto-Assets), which governs the issuance of asset-referenced tokens like USDe. According to the MiCA rules, issuers of such tokens, if they are not credit institutions, must obtain authorization to issue their tokens. Ethena had submitted an application for authorization before the deadline of July 30, 2024, which would allow them to continue operating under a transitional arrangement until their application was approved or denied.<\/p>\n

However, BaFin has raised concerns that Ethena began offering USDe earlier than allowed, specifically on June 28, 2024, well before the deadline. The agency also suspects that Ethena may have marketed its Ethena Staked sUSDe token as a security without the necessary prospectus, violating regulations in Germany.<\/p>\n