USDe Operations Shift to BVI as Ethena Closes German Subsidiary

• Ethena shuts down German subsidiary, drops MiCAR license plan.  
• All USDe activity is now handled by Ethena (BVI) Limited.  
• No whitelisted users remain under Ethena GmbH. 

Ethena Labs has officially pulled out of Germany and is no longer seeking MiCAR licensing. This exit comes weeks after shifting stablecoin operations to its offshore entity in the British Virgin Islands (BVI). Ethena’s move is a sign of growing industry discomfort around Europe’s strict regulations.

Why Did Ethena Labs Exit Germany and Drop MiCAR License?

The issuer behind the USDe stablecoin had reached an agreement with BaFin, the country’s financial regulator to shut down its German subsidiary, Ethena GmbH.

In a recent post on X, Ethena revealed that since March 21, no minting or redemption of USDe took place through its German entity. Instead, Ethena (BVI) Limited has assumed full operational control, processing all activity without disruption.

Related: VeChain CEO Talks MiCA Approval and Real-World Utility—Why UFC’s Dana White Backs the Project

In its official statement, the crypto firm clarified that all previously whitelisted users in Germany have been seamlessly …

The post USDe Operations Shift to BVI as Ethena Closes German Subsidiary appeared first on Coin Edition.