Ethena Labs and Germany’s BaFin have finalized a 42-day redemption plan for USDe stablecoin holders, concluding a regulatory dispute. BaFin initiated this redemption process, allowing USDe holders until August 6 to claim their funds against Ethena GmbH, after which the company will be officially wound up in Germany and the EU. Claims post-deadline will be directed to Ethena’s offshore affiliate. This follows a month-long conflict where BaFin accused Ethena of selling unregistered securities tied to USDe stablecoins, resulting in sanctions against the company, including freezing of assets and halting services to new users. During this dispute, Ethena opted not to pursue MiCA authorization in Germany, while nearly 5.6 billion tokens remained in circulation, many issued prior to MiCA. BaFin had previously rejected Ethena’s MiCA application due to compliance issues.

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