

Zain
2K posts






Your neighbor isn't online. He doesn't think about tariffs (his Honda CR-V only has 80k miles on it...good for another 100k). He doesn't have an opinion on the rating of our sovereign debt. The only "flation" he cares about is shrinkflation. Yet his 401k goes up just the same


Since its inception, Ethena has been exploring various options and jurisdictions when it comes to regulatory frameworks globally that would be conducive to our business, and as a result we have multiple entities within our structure facilitating minting and redemption. A MiCAR authorization via Ethena GmbH was one of various options we have been pursuing. We were informed today that Ethena GmbH’s application under the MiCAR regulatory framework will not be approved. While we are disappointed by this decision, we will continue to evaluate alternative frameworks. To be clear, the decision will in no way disrupt any current listings of USDe, or minting and redemption via Ethena (BVI) Limited (which services the vast majority of our mint users) and USDe remains fully backed. Contrary to reports, no assets have been "frozen" and all remain available for redemption. We will be revising our Terms accordingly in the coming week.