Ethena Labs Reaches Agreement with BaFin on USDe Redemption Plan
Ethena Labs has finalized a 42-day redemption plan for its USDe stablecoin in the euro area, following negotiations with Germany's financial regulator BaFin. The window for redemptions began this week and will close on August 6, after which Ethena GmbH will cease operations in the EU and EEA.
BaFin has appointed a special representative to oversee the redemption process, ensuring compliance. Post-deadline, all USDe-related claims must be directed to Ethena (BVI) Ltd, the company's offshore entity in the British Virgin Islands.
The resolution marks the end of a regulatory standoff that began with BaFin's March 2025 order. Ethena Labs emphasized that the plan fully addresses all obligations tied to USDe within Germany, leaving no outstanding issues.
