Erscheinung:25.06.2025 | Topic Measures, Digitalisierung Ethena GmbH: BaFin initiates redemption process for USDe tokens
On 25 June 2025, BaFin issued instructions to Ethena GmbH to wind up business. The company had been issuing a crypto token called USDe. Holders of USDe tokens have the opportunity from now until 6 August 2025 (a total of 42 calendar days) to assert redemption claims against Ethena GmbH in accordance with the provisions of the EU’s Markets in Crypto Assets Regulation (MiCAR).
BaFin informed the company in advance that instructions to wind up business were going to be issued. The redemption process now ordered is being carried out under the supervision of a special representative appointed by BaFin. In Germany, the European Union and the European Economic Area, Ethena GmbH will thereafter be deemed to have been wound up. Beginning 7 August 2025, any claims may only be asserted against Ethena (BVI) Limited. The token USDe issued by Ethena GmbH will then only be exchanged for the token USDC.
Details on the redemption process are available to the public on the Ethena GmbH websites ethena.gmbh and ethena.fi, among others.
