Ethena stated that, due to the cessation of its operations in Germany on April 14, 2025, all whitelisted mint and redeem users have been moved to Ethena (BVI) Limited, leaving Ethena GmbH without any customers or ongoing activities

Event date

Apr 15, 2025 - 12:00am

Quotes that support claims

In a statement posted to X, Ethena Labs confirmed it had reached an agreement with BaFin to wind down all activities of its German entity. The company emphasized that since March 21, all minting and redemption of USDe have been conducted through Ethena Limited, its entity in the British Virgin Islands. Users previously onboarded through Ethena GmbH have transitioned to the BVI platform, and the German entity no longer has any customers or active operations.

“All whitelisted mint and redeem users previously interacting with Ethena GmbH have at their request been onboarded with Ethena (BVI) Limited instead and have no ongoing relationship with Ethena GmbH whatsoever,” the company said.