USD代币缠结与欧盟Regs：Ethena退出，救赎到达

Ethena的USDE代币面临着欧盟的监管障碍，导致了监督的救赎计划，并从德国退出。 USDE和Ethena在欧洲市场上的下一步是什么？

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

USD代币缠结与欧盟Regs：Ethena退出，救赎到达

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.

埃塞纳（Ethena）在欧盟中使用USDE代币的旅程陷入了困境。监管挑战导致了战略性的撤退，但对于那些拿着袋子的人来说并非没有计划。这是USDE代币，Ethena的欧盟退出和救赎过程的低点。

BaFin's Stance and Ethena's Exit

巴芬的立场和埃塞娜的退出

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.

德国联邦金融监督管理局（BAFIN）一直密切关注埃瑟娜（Ethena）GmbH及其USDE代币。在对未注册的证券提出了担忧，并于3月在欧盟和EEA内部封锁了USDE分配后，巴芬现在批准了针对受影响令牌持有人的42天赎回计划。 Ethena GmbH的MICAR授权申请被拒绝，导致其欧盟受调节活动的结构性降低。

The Redemption Plan: Your Ticket Out

赎回计划：您的票证

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.

那么，该救赎计划有什么关系？从2025年6月25日开始，欧盟和总部位于EEA的USD持有人有一个窗口，直到8月6日直到直接向Ethena GmbH提出索赔。由Bafin任命的代表将监督该过程，并确保一切都在上升。您需要通过身份验证和KYC/AML检查，但是一旦这样做，就会收到传输令牌的说明。 USDC的支出将在48小时内进行。

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.

错过截止日期？不要流汗太多。您仍然可以赎回您的令牌，但是您必须经过Ethena的离岸实体Ethena（BVI）Ltd，该实体在欧盟的监管伞之外运行。

Ethena's Future in Europe: TBD

Ethena在欧洲的未来：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.

随着赎回计划的发展，埃塞纳实验室（Ethena Labs）已确认它将解决与德国子公司有关的所有监管问题。但是，最大的问题仍然存在：他们会回来吗？该公司目前正在遵守其未来的欧盟计划。虽然超过56.5亿美元的USD代币仍在全球范围内漂浮，但Ethena（BVI）Ltd的兴起引发了有关加密管法中那些讨厌的管辖权差距的疑问。

Market Musings and Ethereum's Bounce

市场沉思和以太坊的反弹

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.

当USDE情况展开时，让我们窥视以太坊。这是一个过山车，但ETH显示出卷土重来的迹象，在浸入后弹跳了2,400美元以上。分析师正在关注关键阻力水平，如果某些技术障碍破裂，则可能会预测潜在的攀升至2,800美元，4,000美元，甚至更高。宏观经济因素可能会在作品中造成扳手，但就目前而言，这种情绪似乎谨慎乐观。

Final Thoughts: Keep Calm and Crypto On

最终想法：保持冷静和加密

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传奇提醒您，浏览加密货币景观，尤其是在监管复杂性的情况下，可能是一次疯狂的旅程。当埃塞纳（Ethena）重新考虑其欧盟战略时，请密切关注这些救赎的截止日期，并记住自己的研究。至于以太坊？好吧，系好表演。毕竟，在加密世界中，永远不会有一个沉闷的时刻！