There has been a significant development in the crypto currency world. Ethena Labs announced that Germany’s financial regulatory institution Bafin has been compromised in the USDE Stablecoin dispute for months. The parties reached an agreement on a 42 -day return plan, which will be valid until 6 August 2025.

According to Bafin’s statement, during this process, USD owners will be able to forward their demands directly to ETHENA GmbH. These transactions will be carried out under the supervision of an independent representative appointed by Bafin. At the end of the process, ETHENA GmbH will officially end all its activities in Germany, European Union and European Economic Area (EEA).

Ethena (BVI) Ltd. will have to be done through.

⚖️ Four -month voltage ended with Bafin

As it will be recalled, Bafin imposed a series of sanctions against Ethena GmbH on 21 March 2025. The institution accused the company by selling USDE in contradiction with the Mica regulations and for the sale of unregistered securities over the return tokens.

In this context:

USDE reserve assets frozen

Company’s website and user portal closed

New user acceptance stopped

Ethena Labs announced on April 15th that it would end all its activities in Germany and have given up its application for a Mica license.

🪙 Mica was rejected, the expulsion stopped

Ethena GmbH had applied for the Mica license on July 29, 2024, but this application was rejected by Bafin in March 2025. It is stated that the company has not made new US issuing or recruitment since March.

Nevertheless, close to 5.6 billion US token is still in circulation. Most of these tokens have been exported before the enforcement of the Mica and the majority are kept at addresses outside Europe.

🔍 Conclusion: Is the European page closing?

Ethena Labs said that after the completion of the 42 -day return plan, there will be no legal obligation in Germany and the EU. However, the company did not make any explanation as to whether there was an intention of entering the European market again.