Ethena and BaFin Agree on USDe Exit Plan for EU Holders

• Ethena and BaFin launched a 42-day redemption plan allowing EU users to redeem USDe before the firm’s exit.
• BaFin revoked its March ban, enabling Ethena GmbH to dissolve and transfer claims to its offshore entity.

Ethena Labs has finally ended its long tug-of-war with the German financial regulator. They recently announced that Ethena GmbH and BaFin have reached an agreement to open a 42-day USDe exchange window. USDe holders in the EU and EEA can now redeem their stablecoins until August 6, 2025.

After that date, all matters will be transferred to Ethena (BVI) Ltd., based in the British Virgin Islands. What does that mean? If you live in Europe and still hold USDe, now is the time to act before the process gets even more complicated.

We are pleased to share BaFin and Ethena GmbH have agreed to a redemption plan providing holders the option to redeem USDe if they so wish.

The plan was initiated via BaFin administrative order which concurrently revokes BaFin's previous March 21 2025 order.

BaFin has updated…

— Ethena Labs (@ethena_labs) June 25, 2025

BaFin U-Turns on Earlier Ban Amid Regulatory Pressure

The agreement came through a new administrative order from BaFin. Interestingly, the order also officially overturns the ban they previously issued on March 21, 2025. The ban had previously halted all public activities of Ethena GmbH, because sUSDe was considered to have violated securities regulations.

At that time, BaFin considered that the synthetic stablecoin was in an area that should be strictly regulated by capital market law. So, since April, Ethena has left the European region, and even withdrew its MiCAR authorization application.

Ethena Expands Outside EU, Embraces TON and Alchemy Pay

On the other hand, CNF reported that at the end of May, Ethena has expanded its foothold into the TON Blockchain ecosystem. With this integration, Telegram users can now store USDe directly from wallets such as TON Space, Tonkeeper, Tonhub, and MyTonWallet. Furthermore, they can convert USDe to tsUSDe and earn up to 18% per year. Simply put, you can save while replying to messages on Telegram.

They seem to be shifting their focus from strict regulations in Europe to other regions that are more “friendly” to stablecoins. Last April, they also partnered with Alchemy Pay. This collaboration allows direct purchases of USDe and ENA with Visa, Mastercard, and various other fiat options, without the hassle of going through an exchange or moving wallets here and there. Just click, pay, and you’re done. Simple, and—to be honest—quite tempting for new users.

Back in Europe, after August 6th, Ethena GmbH will be dissolved completely. Anyone who still holds USDe and wants to trade it after that date will have to deal directly with their offshore entity. And yes, that means more bureaucracy, possibly longer wait times, and of course, less hassle.

Not only that, but Ethena’s decision shows that synthetic stablecoins don’t have a comfortable place under the new EU rules. While some other projects are trying to play it safe with the MiCA framework, Ethena has opted to stay out of the game. Is this a step backward or a smart strategy? It depends on how you look at it.

Meanwhile, as of press time, ENA is changing hands at about $0.2647, down 1.69% over the last 24 hours and its market cap is dropping below the $1.65 billion mark.