Ethena

For a payment firm a dollar token is only as good as what backs it. An e-money token such as USDC or EURC is backed by deposits and short-term assets and can be redeemed at par from a licensed issuer; the e-money tokens page explains that model. USDe holds crypto-assets such as ether and bitcoin and sells perpetual futures of the same size, so a fall in the crypto price is offset by a gain on the short. The perpetual futures page explains the contracts and the funding rate they pay.

The holders of the staked version, sUSDe, receive the protocol's revenue. Ethena lists basis trades in crypto perpetual and futures markets, DeFi and institutional lending, and tokenized short-term government debt as its sources. The documentation from Ethena states that USDe is not a fiat stablecoin and that its risks differ, and that sUSDe is not offered to persons resident in the EU or EEA.

Ethena GmbH, registered in Frankfurt am Main, issued USDe in the EU under the MiCA transitional rules after applying for a license in July 2024. BaFin stopped its new business on 21 March 2025. The company withdrew its application on 3 April 2025, and on 4 April BaFin imposed a coercive fine of 600,000 euros. On 14 April 2025 BaFin ordered the winding-up of the business that required authorization and classed USDe as an asset-referenced token. BaFin called it the first time it had imposed measures under MiCAR and cited serious shortcomings in the business organization and breaches of MiCAR.

In June 2025 BaFin set a redemption process: holders could claim against Ethena GmbH until 6 August 2025, and after that only against Ethena (BVI) Limited. For banks and payment firms the case shows how MiCA treats a token that tracks a currency without being an e-money token. The stablecoins in Germany page covers the licensed issuers, and MiCAR the categories.

Stablecoins and their backing are a subject Finance Loop has covered at the Bybit EU x Circle Roadshow in Frankfurt and at the Digital Euro Conference, which Finance Loop has partnered with. Finance Loop brings stablecoin issuers and payment firms together at events in Frankfurt, Munich, Berlin and Hamburg.

USDe is a dollar-tracking token from Ethena, which calls it a synthetic dollar. USDe is backed by crypto-assets and short perpetual futures positions of the same size, so the position keeps its dollar value when crypto prices move.

BaFin classed USDe as an asset-referenced token in its order against Ethena GmbH. USDe is not an e-money token, which would need a license as a bank or e-money institution.

BaFin found serious shortcomings in the business organization of Ethena GmbH and breaches of MiCAR. After Ethena withdrew its license application, BaFin ordered the business to be wound up in April 2025.

Ethena lists basis trades in crypto perpetual and futures markets, lending and tokenized short-term government debt. The revenue goes to holders of staked USDe (sUSDe), which is not offered to EU residents.