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Ethena has reached a USDe redemption protocol with German regulators, officially exiting the EU market.
PANews, June 25, reported by Cointelegraph, Ethena Labs has reached an agreement with the Federal Financial Supervisory Authority of Germany (BaFin) to initiate a 42-day redemption process for USDe stablecoin holders. BaFin stated that USDe holders must declare their redemption to Ethena GmbH by August 6; after the deadline, related claims will be handled by its offshore affiliate, Ethena (BVI) Ltd. This agreement marks the formal end of a four-month regulatory dispute between the two parties, and Ethena GmbH will officially liquidate in Germany, the European Union, and the European Economic Area, with future plans to return to the EU market still uncertain.