Ethena USDe stablecoin encountered a significant regulatory obstacle on June 28, 2026, when Germany's financial regulator BaFin barred USDe under the EU's Markets in Crypto-Assets Regulation (MiCA), just three days before the bloc's July 1, 2026 enforcement deadline. The decision marks a watershed moment for synthetic stablecoins in Europe and signals intensifying scrutiny of Ethena's delta-neutral dollar design across the region.