Ethena USDe narxUSDe

Ethena Labs has partnered with Plasma to launch USDe rewards on the Plasma mainnet test version.

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. 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 onboarded to the BVI-based platform at their request, leaving Ethena GmbH with no direct customers or ongoing operations. While Ethena offered no specific reason, market observers point to MiCAR’s strict compliance demands as a key deterrent for firms that prioritize speed, flexibility, and privacy. Ethena’s exit aligns with a broader trend of crypto firms reassessing their European strategy as MiCAR enforcement nears. The difficulty in meeting MiCAR’s requirements was also highlighted by Circle executive Patrick Hansen, citing ESMA figures as of April 14, reported only 11 stablecoin issuers and 15 crypto-asset service providers (CASPs) had received MiCA licenses across the entire European Economic Area (EEA). Related: Ethena USDe Stablecoin Surges 72%—Tether’s Market Lead at Risk Hansen emphasized that without a MiCA license, crypto firms cannot offer their services across the 30 countries in the European Economic Area (EEA). In more signs of increasing enforcement, Italy’s financial authority, CONSOB, was also seen adding 15 names to its list of non-compliant entities, under the new framework. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

SECOND-ORDER EFFECTS Most traders react to what just happened. But real edge lives in what comes next, the chain reactions set in motion behind the scenes. Second-order effects aren’t obvious. They ripple through systems, hidden in investor behaviour, protocol dependencies, and reflexive market responses. They show up in the asset no one is watching, the one absorbing downstream stress. The question isn’t just: “What does this mean?” It’s: “What else does this touch?” Some examples: • $RAY catching pressure after the PumpFun DEX launch • $ENA being exposed if Bybit goes down (via USDe risk) • Hyperliquid launching on Solana? That’s bearish for $DRIFT You want an edge? Think in layers. Insights by @LuckyXBT__.

4/ @ethena_labs' USDe USDe nears $5B supply. 40% staked ($2.1B), down from 70% in Jan. $633M (12%) on CEXs. Hashed’s dashboard tracked the Bybit hack outflow in Feb — and measures multi-chain growth, peg stability & more.

5/ @berachain 2.1M accounts, 74M+ txs, $375M $HONEY, and 1.5M $BGT burnt. Stablecoin supply peaked at $1.4B on Mar 26 — now $700M. USDC dropped from $1B → $350M, while PYUSD & USDe held steady. Hashed tracks it all: