German BaFin Reaches Agreement with Ethena on USDe Stablecoin Redemption

On June 25, Cointelegraph reported that the German Federal Financial Supervisory Authority (BaFin) and Ethena GmbH have reached an agreement on a redemption plan for $USDe stablecoin holders, ending a regulatory dispute that lasted four months. According to the agreement, $USDe holders will have 42 days (until August 6) to submit redemption requests directly to Ethena GmbH, and the entire process will be supervised by a special representative appointed by BaFin. After this, Ethena GmbH will be deemed to be formally liquidated in Germany, the EU, and the European Economic Area, and subsequent redemption applications must be made through its offshore subsidiary Ethena (BVI) Ltd. Previously, BaFin had accused Ethena of violating EU MiCA regulations and prohibited it from publicly issuing $USDe stablecoins. [Deep Tide TechFlow]