Internet reports that the German Federal Financial Supervisory Authority (BaFin) has ordered Ethena GmbH to stop its business related to the USDe token issuance. BaFin discovered serious flaws in Ethena GmbH's operations during the authorization process and imposed sanctions on it, resulting in the cancellation of its USDe token issuance. The company entered the German market under the transitional provisions of the European Cryptographic Asset Markets Authority (MiCAR), but withdrew its authorization application on April 3, 2025. As a result, EthenaGmbH cannot continue to operate in the EU and must implement its USDe token redemption plan under BaFin's supervision. BaFin also imposed a mandatory fine of 600,000 euros and prohibited its payments and sales to protect the company's assets from creditor debt.