Ethena News highlights recent developments surrounding Ethena (ENA), a decentralized finance protocol and its synthetic stablecoin, USDe. As of April 2025, ENA trades around $0.28, reflecting a 22% monthly decline and positioning it approximately 78% below its all-time high of $1.32 citeturn0search12. Despite this, Ethena’s total value locked (TVL) in USDe has grown to nearly $4.83 billion, underscoring its expanding influence in the DeFi space citeturn0search1. In a significant regulatory move, Ethena agreed to cease operations in Germany following BaFin’s concerns over USDe’s compliance with local securities laws. Consequently, all German users are being transitioned to Ethena’s British Virgin Islands entity citeturn0search4.
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