Ethena Labs, BaFin Finalize USDe Redemption Plan After Regulatory Crackdown

Ethena Labs announced on Wednesday that the German Federal Financial Supervisory Authority, BaFin, and Ethena GmbH, the company’s German arm, have agreed on a redemption plan for USDe stablecoin holders. 

The regulator said it had initiated a 42-day redemption process for stablecoin holders. BaFin said USDe holders will have until Aug. 6 to declare redemption claims directly against Ethena GmbH. The process will be supervised by a special representative appointed by BaFin. 

After the deadline, Ethena GmbH will be deemed officially wound up within…