Tag: Mark Branson

BaFin Blasts Ethena: Germany Halts Stablecoin, Exposes MiCA Growing Pains

Crypto Compliance Charlene Lensburg - June 26, 2025

Stablecoins are at the forefront of the crypto revolution, which has reached a preliminary peak with the successful IPO of Circle. However, Germany’s BaFin has torpedoed Ethena GmbH’s USDe “synthetic-dollar” token, citing grave organisational flaws and MiCA breaches. The case lays bare the uneven rollout of Europe’s new crypto-asset rulebook and the regulatory arbitrage already emerging across the bloc.

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