Regulatory Compliance

As of 29 July 2024 CAMP GmbH, a wholly-owned subsidiary of CAMP Labs, submitted an application for authorization to make an offer to the public of an asset-referenced token pursuant to Art. 16 et seq. of Regulation (EU) 2023/1114 ("MiCAR") with Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”) with respect to USDca . BaFin has significant experience and expertise with respect to crypto assets and we look forward to a collaborative process. As the application was submitted prior to the 30 July 2024 deadline, it is expected that the MiCAR grandfathering provisions with respect to the ongoing issuance of USDca apply (see Art. 143 para. 4 MiCAR). Updates will be provided publicly as appropriate as the authorization process proceeds according to the provisions of MiCAR. Please refer to the Supplemental USDca Terms and Conditions located at https://ethena-labs.gitbook.io/ethena-labs/resources/supplemental-usde-terms-and-conditions.