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Today in crypto, Ethena Labs and Germany’s BaFin agreed on a 42-day USDe redemption plan, marking the end of a months-long regulatory dispute, Polymarket is reportedly set for a $200 million raise that would value it at $1 billion, and New York City mayor Eric Adams criticized former New York Governor Andrew Cuomo for harming the state’s crypto industry.
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.
