BaFin Halts Public Sales of Ethena's Synthetic Dollar Over MiCAR Violations: Ethena Strikes Back!
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BaFin has prohibited public sales of Ethena's USDe token, claiming MiCAR regulation violations. Despite the ban on primary issuance, secondary sales remain unaffected. Ethena continues to attract institutional investment, having raised over $100 million, and maintains its ability to mint and redeem tokens through its BVI entity.
March 21, 2025 | 6:15 pm
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NEGATIVE IMPACT
BaFin's decision to halt public sales of USDe token may impact Ethena's market positioning and investor confidence in the short term.
BaFin's prohibition on public sales and denial of MiCA approval suggests potential regulatory risks that could negatively impact Ethena's market valuation and investor sentiment.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100