Ethena Labs will shut down its Frankfurt-based subsidiary Ethena GmbH and drop MiCAR licensing plans in Germany after BaFin flagged issues with its USDe stablecoin

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Apr 15, 2025 - 12:00am

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Ethena Labs reached an agreement with Germany’s Federal Financial Supervisory Authority, also known as BaFin, to cease all operations of its local subsidiary, Ethena GmbH, according to an April 15 announcement.

As such, Ethena Labs “will no longer be pursuing MiCAR authorization in Germany,” the company said, referring to the Markets in Crypto-Assets Regulation.

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Ethena Foundation

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Week 16 of 2025