USD代幣纏結與歐盟Regs：Ethena退出，救贖到達

Ethena的USDE代幣面臨著歐盟的監管障礙，導致了監督的救贖計劃，並從德國退出。 USDE和Ethena在歐洲市場上的下一步是什麼？

USDe Token Tangles with EU Regs: Ethena Exits, Redemption Arrives

USD代幣纏結與歐盟Regs：Ethena退出，救贖到達

Ethena's journey with its USDe token in the European Union has hit a snag. Regulatory challenges have led to a strategic retreat, but not without a plan for those holding the bag. Here's the lowdown on the USDe token situation, Ethena's EU exit, and the redemption process.

埃塞納（Ethena）在歐盟中使用USDE代幣的旅程陷入了困境。監管挑戰導致了戰略性的撤退，但對於那些拿著袋子的人來說並非沒有計劃。這是USDE代幣，Ethena的歐盟退出和救贖過程的低點。

BaFin's Stance and Ethena's Exit

巴芬的立場和埃塞娜的退出

The German Federal Financial Supervisory Authority (BaFin) has been keeping a close eye on Ethena GmbH and its USDe token. After raising concerns about unregistered securities and blocking USDe distribution within the EU and EEA back in March, BaFin has now approved a 42-day redemption plan for affected token holders. Ethena GmbH's application for MiCAR authorization was rejected, leading to a structured wind-down of its EU-regulated activities.

德國聯邦金融監督管理局（BAFIN）一直密切關注埃瑟娜（Ethena）GmbH及其USDE代幣。在對未註冊的證券提出了擔憂，並於3月在歐盟和EEA內部封鎖了USDE分配後，巴芬現在批准了針對受影響令牌持有人的42天贖回計劃。 Ethena GmbH的MICAR授權申請被拒絕，導致其歐盟受調節活動的結構性降低。

The Redemption Plan: Your Ticket Out

贖回計劃：您的票證

So, what's the deal with this redemption plan? Starting June 25, 2025, EU and EEA-based USDe holders have a window until August 6 to file claims directly with Ethena GmbH. A BaFin-appointed representative will oversee the process, ensuring everything's on the up-and-up. You'll need to pass identity verification and KYC/AML checks, but once you do, you'll receive instructions for transferring your tokens. Payouts in USDC will follow within 48 hours.

那麼，該救贖計劃有什麼關係？從2025年6月25日開始，歐盟和總部位於EEA的USD持有人有一個窗口，直到8月6日直到直接向Ethena GmbH提出索賠。由Bafin任命的代表將監督該過程，並確保一切都在上升。您需要通過身份驗證和KYC/AML檢查，但是一旦這樣做，就會收到傳輸令牌的說明。 USDC的支出將在48小時內進行。

Miss the deadline? Don't sweat it too much. You can still redeem your tokens, but you'll have to go through Ethena's offshore entity, Ethena (BVI) Ltd, which operates outside the EU's regulatory umbrella.

錯過截止日期？不要流汗太多。您仍然可以贖回您的令牌，但是您必須經過Ethena的離岸實體Ethena（BVI）Ltd，該實體在歐盟的監管傘之外運行。

Ethena's Future in Europe: TBD

Ethena在歐洲的未來：TBD

With the redemption plan in motion, Ethena Labs has confirmed that it'll have resolved all regulatory issues related to its German subsidiary. However, the big question remains: will they be back? The company's keeping mum on its future EU plans for now. While over 5.65 billion USDe tokens are still floating around globally, the rise of Ethena (BVI) Ltd raises questions about those pesky jurisdiction gaps in crypto regulation.

隨著贖回計劃的發展，埃塞納實驗室（Ethena Labs）已確認它將解決與德國子公司有關的所有監管問題。但是，最大的問題仍然存在：他們會回來嗎？該公司目前正在遵守其未來的歐盟計劃。雖然超過56.5億美元的USD代幣仍在全球範圍內漂浮，但Ethena（BVI）Ltd的興起引發了有關加密管法中那些討厭的管轄權差距的疑問。

Market Musings and Ethereum's Bounce

市場沉思和以太坊的反彈

While the USDe situation unfolds, let's peek at Ethereum. It's been a bit of a rollercoaster, but ETH is showing signs of a comeback, bouncing back above $2,400 after a dip. Analysts are eyeing key resistance levels, with some projecting potential climbs to $2,800, $4,000, or even higher if certain technical barriers are broken. Macroeconomic factors could throw a wrench in the works, but for now, the sentiment seems cautiously optimistic.

當USDE情況展開時，讓我們窺視以太坊。這是一個過山車，但ETH顯示出捲土重來的跡象，在浸入後彈跳了2,400美元以上。分析師正在關注關鍵阻力水平，如果某些技術障礙破裂，則可能會預測潛在的攀升至2,800美元，4,000美元，甚至更高。宏觀經濟因素可能會在作品中造成扳手，但就目前而言，這種情緒似乎謹慎樂觀。

Final Thoughts: Keep Calm and Crypto On

最終想法：保持冷靜和加密

The USDe saga is a reminder that navigating the crypto landscape, especially with regulatory complexities, can be a wild ride. As Ethena rethinks its EU strategy, keep an eye on those redemption deadlines and remember to do your own research. And as for Ethereum? Well, buckle up and enjoy the show. After all, in the world of crypto, there's never a dull moment!

USDE傳奇提醒您，瀏覽加密貨幣景觀，尤其是在監管複雜性的情況下，可能是一次瘋狂的旅程。當埃塞納（Ethena）重新考慮其歐盟戰略時，請密切關注這些救贖的截止日期，並記住自己的研究。至於以太坊？好吧，係好表演。畢竟，在加密世界中，永遠不會有一個沉悶的時刻！