Stablecoin × country checker: USDE in Germany

Issuer licence records

• No MiCA authorisation — BaFin ordered wind-down of Ethena GmbH USDe business
  Dataset status: Confirmed Non-ComplianceBaFin15 Apr 2025
  bafin.de ↗ dataset as of 2026-10-26

Token approval by a regulator

Not verified — no token-level regulator record for USDE in Germany in the dataset.

Applicable laws & status

• Markets in Crypto-Assets Regulation (EU) 2023/1114 (MiCA)
  Dataset status: In forceEBA, ESMA, national competent authorities31 May 2023 · effective Titles III–IV (ART/EMT): 30 Jun 2024; full application 30 Dec 2024European Union
  eur-lex.europa.eu ↗ link checked 2026-10-26
• MiCA full application (CASPs)
  Dataset status: In Force30 Dec 2024European Union (implementation milestone)
  esma.europa.eu ↗ link checked 2026-10-26
• ESMA expectations — non-MiCA stablecoins
  Dataset status: Published8 Oct 2026 (per TZ)European Union (implementation milestone)
  Not verified claim from internal specification, not checked against primary document · dataset link ↗ · dataset as of 2026-10-26

Licensed providers supporting it

• BitGo — BitGo Europe GmbH
  Federal Financial Supervisory Authority (BaFin)09/05/2025MiCA CASP, home member state DE
  esma.europa.eu ↗ dataset as of 2026-10-26
  Support listed on the issuer's own page: ethena.fi ↗ (issuer source)